- Litecoin trades near $90, testing a crucial price zone in its ongoing correction.
- Experts suggest a $1,000 surge could be possible if Litecoin moves upward.
- Stochastic RSI hints at weakening bearish momentum, showing potential for a move upward.
Litecoin ($LTC) finds itself at a pivotal moment, with the cryptocurrency testing the $90 level after a period of price fluctuations. This critical zone has drawn the attention of analysts who are examining the ongoing correction through the lens of Elliott Wave theory.
According to the Elliott Wave theory, Litecoin’s movement could follow a running flat scenario, where the market has entered a corrective phase. Analyst Crypto Lama pointed out that for this scenario to hold, wave B should have reached higher levels.
Given the current price range, the correction may be nearing completion, setting the stage for a potential upward move. Experts are closely monitoring this zone, as a price increase from here could see Litecoin testing the $1,000 mark.
Critical Price Levels and Potential for Growth
Litecoin’s price has remained close to $90, a level that could prove crucial as resistance. Analysts have identified the running triangle scenario as a more bullish potential, suggesting that if this theory plays out.
Litecoin could experience significant gains in the coming years. The question remains whether Litecoin can break through the current price level or if it will continue to consolidate in this region.
Experts also stress the importance of the last structure’s end in determining future price movement. In the context of the Elliott Wave theory, the completion of a correction or a wave cycle sets the stage for the next major move.
Litecoin’s price action at this point is under scrutiny, with some analysts predicting a surge while others suggest the cryptocurrency may experience a period of sideways movement before any major breakout.
Market Sentiment and Next Steps for Litecoin
Currently, Litecoin is experiencing a consolidation phase within the $85 to $100 range. The recent weakening of bearish momentum, as indicated by the stochastic RSI, suggests that the selling pressure may be subsiding.
With the stochastic RSI bouncing from near oversold levels, there is hope for a reversal if Litecoin moves above key resistance levels.
The market’s next move depends on external factors such as exchange-traded fund (ETF) inflows and the overall confidence of traders. If retail activity remains strong and ETF inflows increase, Litecoin could push towards resistance levels around $105 in the short term.
However, analysts warn that a sudden drop in trading volume or sharp profit-taking could prolong the consolidation phase before any decisive breakout occurs. Traders are advised to remain vigilant in the current market environment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
