Litecoin is still in its accumulation phase as the market moves sideways. However, the cryptocurrency has concluded its Elliott Wave formation and is now seemingly pushing up; so what can we expect from LTC in the near future?
Litecoin fundamentals and past price performance
Litecoin spent the majority of the year trading in the same direction as Bitcoin, but with lower intensity. This made it popular to investors that want to shield themselves from short-term BTC dips. However, its recent price movement made it clear that Litecoin is not going to suddenly skyrocket, but that its price is an environment mostly controlled by BTC’s motions.
With that being said, Litecoin’s overall outlook is somewhat bullish, both from a fundamental and technical perspective. Taking a look at its weekly performance, LTC has posted gains 15.82%, matching BTC’s gain of 15.82%, but falling short to ETH’s 23.57% gains.
At the time of writing, Litecoin is trading for $152.27, which represents a 5.13% gain when compared to its previous month’s value.
LTC/USD daily chart price analysis
Taking a look at the daily chart, Litecoin has been following the 21-day EMA for a couple of days now. This comes as no surprise, as the cryptocurrency used a lot of bull power to leave the triangle formation it was previously bound by.
The technical overview shows Litecoin’s daily RSI hovering near the middle of the value range, with its value sitting at 55.83.
LTC/USD hourly chart price analysis
Litecoin’s hourly timeframe clearly shows us the trend LTC has made, as well as the Elliott Waves it created along the way. The cryptocurrency was in the correction wave phase until Sunday afternoon, when it found support in the 38.2 Fib retracement and ended the last correction wave.
LTC is now moving up slightly (and slowly) and it is uncertain where it will go for the time being. However, its descending volume on top of very limited price action tells us that a big move is around the corner.
What’s next in store for Litecoin and its price?
Litecoin’s next move will most likely be decided by Bitcoin’s push to either the upside or downside. However, in case BTC stays in the same spot, Litecoin bulls will almost certainly overpower Litecoin bears and push its price up.
The most likely price targets that analysts are looking at are the $161, $171, or even $183. In case LTC gets pulled down, its first strong support level is the 38.2% Fib retracement level of $145.1.