Litecoin has dropped about 14% in the last 24 hours after an intraday peak of $252. How far will the current price dip last? The following 21-23 February Litecoin price prediction looks at the intraday Elliott wave analysis of LTCUSD.
21 February, AtoZForex – Litecoin has gained about 150% since the beginning of this month. The rally from few dollars below $100 made an intraday top yesterday at $252. We have seen price plunged today – dropping about 14% to trade at a current price of $210. It seems today’s dip is just a correction and price could rally further in the next few days before a big bearish move.
In the last update, we looked at two scenarios to study the pattern of LTCUSD price movement. One of the most popular technical tools for this purpose is Elliott wave theory. We have also seen in the past months on this platform how effective this tool is, even to the Crypto market.
The two scenarios discussed looked at the wave pattern of the rally from the $100 low to the highest intraday price. In the last update, we used the chart below for the second scenario which is my preferred scenario.
The chart above shows the possibility of a complete recovery and price rallying above $420 high. This is highly probable especially if the price stays above $160.
This scenario is still valid. Price still stays above $160. The scenario expected an impulse wave rally to $420 or thereabout. What has happened since then? Price rallied to $250 and now dropping to $210 (could go below). The chart below shows an updated view of this scenario.
21-23 February Litecoin price prediction: what next?
The chart above shows an advancing impulse wave with the 3rd wave completed at yesterday high of $250. The 4th wave is in motion and is expected to stay above $175 which is wave (i) top and an intraday resistance turned support. A bridge below this level would make the second scenario preferred. Price will then be expected to drop even lower $100. If the above wave count holds, the rally should continue above wave (iii) top of $250 and head toward $280-$300 before the next dip. Stay tuned for the next intraday update.
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