Litecoin has been trading below the $100 mark despite Bitcoin spike. The following 25 July Litecoin price prediction shows what is expected next based on Elliott wave theory.
Toward the end of last month when LTC was breaking below the $100 mark, we had two scenario. The first corrective move back to the zone followed by more bearish move and the second was a fast impulse wave break out of the $100 mark. We have followed through and it seems the former is playing out despite a fast big move in Bitcoin breaking away from important resistance zones. Will Litecoin dig deeper? The following chart was used in the last update.
Wave iv (circled) of iii was a triangle. Most times, the region of the triangle serves as support/resistance (resistance in this case) for the 4th wave – wave iv. Price hit the mid-way at $95 and may not go above it before a fast dip below $75. Given that Bitcoin is still strongly bullish until price drops into the territory below $6800, it will be interesting to see how the prices of Cryptos move in the coming days. Below $75, there is $60-$65 bearish target. Unless a fast break above the $90-100 is seen, this forecast is highly likely.
25 July Litecoin price prediction: what next?
The rally from $72 to $95 is corrective and it probably will complete wave iv. The first confirmation of the end of wave iv at $95 is a break below $79. A break below $72 might follow as we count a bearish impulse wave leg down to $50-$60 zone. If the BTC rally persists, we might still see Litecoin above $95-100 zone which would invalidate the preferred forecast shown above. Stay tuned for the next update.
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