- Upward Trend in Bitcoin Pushing Litecoin towards $140
- Tesla & Twitter CEO in The B-Word” Conference – Underpinning LTC/USD
- Today’s idea is to place a buy limit at $136 to target $140 and $148.
The LTC/USD crypto pair extended a bullish trend towards a major resistance level of $140. Litecoin is currently trading at the $137.65 level and soared by 10.13% today. The recent sharp surge pushed Litecoin’s market cap up to $9,215,063,359, or 10.20% of the total cryptocurrency market cap. Litecoin price forecast remains strongly bullish amid an upward trend in Bitcoin and other cryptos.
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Upward Trend in Bitcoin Pushing Litecoin towards $140
The cryptocurrency market is encountering inflows because of a surge in the BTC/USD price. When it sank beneath the $30,000 crucial support level, the leading cryptocurrency headed to get the attention of institutional investors, they were anticipating the prices to drop so that they can grab the possibility to penetrate the market.
The impulsive buying of a dip in BTC/USD lifted its price upward and pushed BTC/USD higher towards $40,000. Alongside, Bitcoin is also pushing Dogecoin higher, taking its price towards $0.2300
The B-Word” Conference – Underpinning Litecoin Price Forecast
The fresh positive remarks from Tesla CEO along with Twitter CEO in “The B-Word” conference appended additional strength to the bitcoin price. The inflows in the crypto market thrust the market capitalization soaring.
Approximately $114 billion were invested in the market, and that’s encouraging improved cryptocurrency adoption. The growing popularity of cryptocurrency also performed an indispensable role in the reversal of the crypto market trend.
Litecoin Price Forecast Flyrockets to $140 Despite Stronger Greenback
The U.S. Dollar Index was over 93.0 mark on Monday. The greenback was gaining strength because of the risk-off market sentiment driven by the rising fears of coronavirus.
The rising infection cases worldwide due to the Delta variant raised fears that economic recovery will remain slow; hence, the U.S. dollar gained traction because of its safe-haven status.
Despite rising prices of the U.S. dollar, the cryptocurrency LTC/USD remained bullish as the whole market was trading higher.
LTC/USD 4-Hour Chart
Litecoin Price Forecast – Technical Outlook: LTC to Violate $140?
Litecoin price forecast is bullish as it has violated the double top pattern at the $132.14 level. On the 4-hour chart, LTC/USD is heading higher towards the next resistance level of $140.
A couple of bullish engulfing candles above the $123.90 level are supporting a buying trend in Litecoin. On the higher side, the breakout of $140 resistance will likely open additional room for buying until the next resistance area of $148.38. This level is being extended by a double pattern on the 4-hour chart.
Speaking about the Stochastic RSI, it’s holding at 94 in the overbought zone. It demonstrates that the chances of a bullish trend remain strong. But, the bulls may trigger profit-taking ere entering more buying trades.
The breakout of a $140 resistance on the higher side will signal bullish bias in the LTC/USD pair. Thus, the traders will be keeping their eyes on the $140 resistance and may enter buying over this level to target $148. Failure to break above the $140 level can trigger a bearish correction in Litecoin.
The LTC/USD price forecast remains bullish on Monday. Therefore, the forex trading participants may place a buy limit at 136 to target 140 and 148. All the best.
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