Annual Forecast for Litecoin (2021): LTC Will Continue to Be Bullish in the Coming Year

Annual Forecast for Litecoin (2021): LTC Will Continue to Be Bullish in the Coming Year

Resistance Levels: $160, $180, $200
Support Levels: $100, $80, $60

Litecoin is one of the biggest altcoins by market capitalization. We are looking at the price movement in 2020 and possibly price prediction for 2021. In 2020, Litecoin has an opening balance of $41.368 but it rose to a high of $70. In February, LTC reached a high of $84 but was repelled. The coin declined to a low of $24 in March. The altcoin resumed consolidation in April, May, and June. In July, the crypto rebounded above $40 and rallied to August to retest $60 resistance. LTC faced rejection at the recent high and made a downward move in September. After the breakdown in September, the bulls bought the dips to resume a fresh uptrend in October. Today, Litecoin has risen to $124 at the time of writing.

LTC/USD – Monthly Chart

Litecoin (LTC) Price Prediction: Monthly Chart
LTC resumed up trending in the last quarter of the year. The bullish trend line is drawn showing support levels of price. The current uptrend will continue as long as the trend line remains unbroken. LTC is at level 63 of the Relative Strength Index period 14. It indicates that the LTC has room to rally on the upside.

LTC/USD – Weekly Chart

Litecoin (LTC) Price Prediction: Weekly Chart
LTC is in an uptrend but in the first half of the year, the market was in a sideways move. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend. In the last quarter of 2020, a bullish trend line is also drawn showing the support levels of the market. The trend line is not broken meaning the uptrend will continue on the upside.


Conclusion
There is a general belief that Litecoin price will soar in the coming years after the halving. The bottom line is the coin will be bullish in the coming year. Consequently, LTC price will rise to $600 by the end of 2021.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.