The post Will Litecoin Begin a New Wave of Bullish Trend-Here are the Potential Targets for LTC Price! appeared first on Coinpedia Fintech News

Litecoin, which is usually abbreviated as the lighter version of Bitcoin, appears to be preparing for giant price action. The trend has remained largely bullish for more than 10 months now and presently displays a huge possibility of going parabolic very soon. Currently, the price appears to be consolidating in narrow ranges but displays the huge potential to maintain a healthy upswing very soon. 

With the recent upswing, the LTC price is pretty close to breaching the crucial trend line that it faced rejection during the previous attempt. Despite the pullback, the price withstood the situation fairly and triggered a rebound in no time. Hence, with the growing bullish momentum, the price is now displaying the possibility of rising by more than 60% or even surging by 100% in the case of an extended bull run.

Source: Tradingview

Considering the current price movement, the LTC price appears to be ranging towards the north, forming constant bullish waves. Now that the price has reached a decisive phase, a breakout could be mandatory, which may cause the prices to soar. Besides, the BTC price updated its local lows during the last trading day, while the LTC price failed to do so. This indicates that the buyers still intend to break through the downward line that they have been following since May 2021. 

A breakout from these levels may trigger a powerful impulsive movement with the first target set at around $130-$135. In case, the price action remains extremely bullish, it may slice through $135 comfortably and further maintain a steep upswing to reach levels between $170 to $180. Overall, the Litecoin price appears to be bullish in all time frames and moreover, the LTC price growth peaks 42 days before ‘the halving’ which may begin any time from now. 

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Filed under: Bitcoin - @ May 2, 2023 7:19 am