We’ve been waiting for it since summer, and it finally seems to be nearby – the long-awaited altcoin season. Will Litecoin breakout signify the beginning of the new uptrend? Traders and crypto enthusiasts think it’s possible. Read LTC price predictions from TradingView and Twitter users – they have a few interesting ideas!
Twitter users say ‘Buy’
Now, when the LTC is on the verge of a possible skyrocketing, Twitter users say it’s high time to enter the market before it’s too late. It concerns LTC/BTC pair, too:
Extra-bullish prediction from the same user is $1K in the future:
In summer, Warren Buffet promised the altseaon where Litecoin “will go wild”.
So, has the altcoin season started? Let’s find it out with the help of technical indicators and LTC price charts.
Bullish breakout is here
If we analyze both LTC/USD and LTC/BTC pairs, we can see there are strong arguments for a bullish breakout to take place soon.
The LTC/USD technical indicators are as follows:
- We are currently facing 1.236 Fibonacci resistance at 72.58, after bouncing off of $62.
- There is a massive hidden bullish divergence on the daily, in which we are seeing lower lows for the price, and higher lows for the indicators, namely RSI and MACD.
- The 20 Moving Average (MA) acts as a good reference for significant support and resistance and is currently functioning as support for the price.
- We are seeing a textbook ascending triangle that indicates the potential for a bullish reversal. Bears are merely protecting 1.236 fib level resistance, while bulls are constantly making higher lows.
Judging by all those indicators, LTC might touch $80 mark easily during this week.
When it comes to LTC/BTC, it also looks quite good:
- We are also seeing a hidden bullish divergence for the pair. The price is making lower lows, while the MACD is making higher lows.
- The RSI has been inconsistent with the divergence, but two bullish breakouts have taken place already with a divergence reference to the RSI as an indicator. This indicates that a bullish momentum can kick in again for a breakout.
- We are seeing a potential reverse head and shoulders pattern, in which we are at the process of completing the right shoulder. If this pattern plays out, we could see a potential breakout to 0.008 levels.
LTC breaks the bearish line
LTC broke bearish trend line! Now when we see bearish momentum has been finished, you can enter the LTC/USD market after breaking 71.16 resistance, since R/R is looking very good. So, the short-term analysis includes the following targets:
TP1: 83.13 (might be easily achieved this week)
LTC finds support on 1W MA50
Finally, LTC technical indicators seem to be very positive in the long term. We can see that LTC is trading around the 1W MA50 on a possible midterm support event for the current bullish period, which is repeating the 2015 sequence. This MA period previously held throughout 2015 - early 2017 up until Litecoin initiated its super-strong rise to the mid $300 level.
Pay attention to how the Top-to-bottom and bottom-to-Halving bottom phases between the 2 cycles have been virtually identical. There is no reason to expect something different this time. Unless we see a major divergence below the 1W MA50, we should expect this level to attract buyers and give sporadic spikes on a lengthy consolidation until the next super-strong parabolic rise.
It seems like the altcoins are on the rise. We have noticed Ethereum and EOS make miraculous moves in the past few days (ETH moved up by 15% within a week, and EOS moved up 14%). Litecoin is certainly one of the more likely candidates that could experience a bullish breakout if it really occurs. However, let’s not make premature conclusions and watch further market movements.