Litecoin has gained 40% in the last two weeks to trade at $155. The following 22-23 April Litecoin price prediction looks at LTCUSD based on Elliott wave theory.
22 April, AtoZMarkets – Litecoin hit $156 – its highest this month. This month has been bullish for the Crypto market as the majors rallied to make significant recoveries. In the last two weeks, LTC gained 40% after breaking above $137 resistance level. Price is still short of getting to $210 – last month high. LTC is currently trading at $147 and need to take out $175 which is the next resistance level to continue the recovery upside. $137 now stands as the nearest support level which if broken downside may lead to more falls.
In the last update, we looked at the rally with Elliott wave theory. The wave pattern emerging on LTC is not looking as impulsive as there is in BTC and XRP. The following chart was used in the last update.
The rally still appears sideways until $137 resistance is broken upside. If this happens, LTC could continue to $175 in the following days and a 3-wave bullish corrective pattern would be expected. If $137 is resisted once more, price could break below $109 in another big bearish move to $70. It’s likely price would continue sideways between $137 and $109 if there is no momentum (upside or downside). LTC follows BTC closely and we can use one (if we understand it’s technical pattern better) to predict the other. If BTC goes as expected, LTC could rally to $175.
Will LTC continue to $175 or drop back below $137? The chart below shows the wave analysis of the rally.
22-23 April Litecoin price prediction – what next?
The chart below shows two scenarios. I think the rally looks more corrective. Price might complete a zigzag or double zigzag pattern upside. A zigzag pattern has already completed and could be followed by a break below the channel once $137 support is broken downside. If price is held above $137, the current dip should be followed by a strong rally to $175 to probably complete a double zigzag pattern. A lot also depends on BTC as has been in recent times. Stay tuned for the next update.
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