Litecoin Will Break its Huge Weekly S&R Position and Reach $2,000 Next Year, Analyst Declares

The long-anticipated Litecoin halving event is only a few weeks away. This has given LTC price a boost in the last week. Even the rest of the crypto market appears to have returned to the rising wedge. Better days are here already after the top dog Bitcoin crossed and remained over the $8,000 position. BTC price is now trading at $8,100. Now, market experts and crypto enthusiasts have declared that the Litecoin halving event may be behind the present upswing in the digital asset market. This isn’t far from the truth. Litecoin price predictions have increased as FOMO kicks in.

Litecoin (LTC) Price Today – LTC / USD

Name Price
litecoin
Litecoin
$72.99-3.35%

Cryptocurrency Market Update: What Litecoin’s Historical Data Shows

During the market fall from last year, Litecoin price declined massively beyond many of its contemporaries. This made the altcoin lose positions among the top cryptos by market cap. This year, however, the coin has displayed a contrary pattern. It has marked a harvest era for LTC investors.

After carrying out a comprehensive analysis to determine the growth of rate of crypto assets this year, Litecoin price recorded the third highest from January 1 to date. During that duration, Litecoin has added an impressive 334.38%.

Cryptocurrency Market Update: Litecoin Price is Already Breaking the Huge Weekly S&R Zone

Due to the excellent performances of the price of Litecoin in the digital asset market, analysts haven’t declined the opportunity to drop numerous bullish forecasts for the asset class. Now, there’s hope and a strong belief that the imminent halving event will ensure that this bullish run continues.

Edgy, an analyst on TradingView declared that Litecoin is making an effort to break the huge weekly S&R position. It is doing this by moving through the $100 resistance to $130. After it surpassed $130, the coin is now priced at $137 as of the time this content was published.

The importance of the huge S&R area can be traced to the hold up that was seen in April 2018. When a Morning Star reversal trend and Spinning Top formed.

As Litecoin price continues its up trend, the analyst believes that it has stopped in a similar zone with a Doji and Spinning Top, an important sign that a breakout is imminent.

Cryptocurrency Market Update: Litecoin Price Potential in the Medium-term and Long-term Outlook

The 4-hour chart made indicated a well-formed inverse Head & Shoulders for Litecoin price. The analyst made known that there has been a lower Low followed by a second lower Low and a lower High. Although the bearish side ended, and the higher Low formed. Before going back to the lower High from earlier.

Although the bulls seem overbought on the weekly chart of LTC/USD, Litecoin price must find strong support at $120.

Halving events are a well-known part of crypto asset prices and in the last halving, LTC price increased by 10,000%.

Even though such an increase in value wouldn’t be expected, Edgy for the forecasted that we could see 1,500% value scale up. This would push Litecoin price to $2,000 with a price correction at $400.

Apart from the halving event, the fact that Litecoin founder Charlie Lee supports Andrew Yang is a great push for Litecoin. Yang is a US presidential aspirant and crypto enthusiast.

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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