Litecoin dropped almost 25% last week after peaking at $250. There are signs of continued bullish move in the last few days. Will Litecoin rally to $300 in the coming days? The following 25-27 February Litecoin price prediction looks into the near future price forecast of LTCUSD.
25 February, AtoZForex - LTCUSD, since bottoming slightly below $100, has embarked on an impulsive wave rally. At the beginning of last week, the 3rd wave of this bullish rally completed and we speculated that price would dip further but must remain above $175. Any dip below $175 would mean that the rally wasn't meant to be impulsive for an obvious reason. $175 marked the top of wave 1 of the bullish rally. According to Elliott wave theory, wave 4 does not cross into the territory of wave 1 in an impulse wave. We explained this in the last update with the chart below.
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.
The chart below shows what we have today and what could happen in the coming days.
25-27 February Litecoin price prediction - LTCUSD outlook
Could we now say the 4th wave is over and price will continue the impulse wave upside? A break above $220 should be the first sign. If this rally continues as expected, price will break above $250 and head to $300 in the coming days. Until price breaks above $250, a fast dip below $175 is still likely and will violate the impulse wave expectation. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.