Top Reasons Why Litecoin Price Is Surging and Will Still Remain Bullish!

ETH Price Surge Boosts Litecoin Price

Litecoin price broke the upper resistance levels close to $230 and surge high with a huge influx of volume in the early trading hours. The price is currently trending on the yearly highs and expected to continue with a bullish trend until it hits its ATH at $3575.29.

Interestingly, LTC price has been following a trend and if it continues to do so, the price may hit $500 or more in the coming days. According to a crypto analysis platform Rekt Capital, the Altcoins like Litecoin and Monero will rally hard.

According to the analysts, as the large caps like Bitcoin, Ethereum rally, more money is expected to flow into other altcoins later. The analysts believe that the LTC price is following the trend line set by Ethereum. And hence as ETH price has broken the milestone of $1900, LTC price following the large-cap has broken the present levels. 

LTC price $300 may be on the cards

Litecoin price is expected to fly high to the above resistance levels only if the daily close continues to be above $230. Currently, it is more vital that the $220 support levels are required to be held strong to hit the levels close to $300. 

LTC chart

At present, the buying pressure is mounting with the LTC price instead of the selling pressure and hence a positive breakout is imminent. The RSI levels also point out a bullish trend as they have reversed the downtrend and heading back to the overbought position within a small time frame.

At the time of writing, the bitcoin price is $233.55 with a jump of 12.47 percent in the last 24 hours. The litecoin price rally is expected to accelerate this month and may also hit $400 as per an analyst, yTedd.

Technical Specifications

  • The resistance levels are formed at $245 to $250
  • The support levels are formed initially at $210 and later at $200
  • The indicators point out towards a ‘strong buy’

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