The road is long to recovery, but Litecoin will test $160.00 next week

  • Litecoin is moving higher for the fourth day in a row. 
  • The general sentiment in Bitcoin and on global financial markets is helping LTC with higher prices. 
  • LTC in a challenging zone, $160 potential target for next week 

The global recovery is helping several assets across the board and Litecoin is one of them. LTC is on a winning streak with four days of gains in a row, and it doesn’t seem to end soon.

Litecoin can jump 10% within the week to the upside 

Litecoin is on a winning streak. Today is the fourth day in a row that the cryptocurrency is printing green figures. And it does not look like it is coming to an end for now. With LTC now at $145.00, Litecoin could go to the $160.00 target, a 10% profit. 

Since the dip from LTC to $105.00, we have seen a recovery towards $145.00, where we are today. Between $138.00 and $157.00 (red zone), that area has many resistances to the upside. However, the first hurdles did not show any problems for buyers, so momentum within LTC itself is there.

Litecoin initially bounced off the yellow ascending trendline around $117.00 and will be trying to test the descending trendline at $160.00. 

With higher lows and higher highs, the buyers/bulls are very much in control of LTC. The trend seems to be clearing the red zone towards $157.00, and that is just a sigh away from the $160.00 psychological level.

Add to that the general sentiment in the markets just before the summer, with Nasdaq hitting new all-time highs and Bitcoin on a winning streak as well these past few days, LTC has the ideal environment for buyers to step in and push Litecoin further upwards.


LTC/USD Daily Chart

Litecoin has the potential to move higher towards $160.00 if it can keep this winning streak and clear out the red zone with a lot of resistance. Not only technical but also psychological and the general sentiment is favoring the upside in LTC.