Like Ethereum, Litecoin may be the next altcoin to break the market price record.
Bitcoin Market bets on a resumption of the High Trend Line (LTA) for the price of Litecoin (LTC), which can break the historical top of approximately $1,250 on the LTC/BRL pair, according to weekly analysis of the exchange on altcoin.
According to analyst Thales Inada’s forecast published this Monday (18), Litecoin’s record price break in the market should be encouraged by Bitcoin (BTC) performance in the coming days.
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Without renewing its historical maximum since the end of 2017, Litecoin may be the next altcoin to break a record price on the market, as it recently happened with Ethereum (ETH), which was quoted again above US$ 1,428.
Litecoin’s price may go up
Litecoin’s historical price record at the end of 2017 could be broken soon, as the Bitcoin Market’s optimistic forecast on cryptomeda’s performance points out.
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According to the weekly Cryptography, LTC should break the historical top if influenced by a wave of Bitcoin price appreciation. In addition, altcoin would need to maintain a bullish trend to set a new record in the market.
„If BTC breaks its upwards congestion, it should encourage the resumption of the high market and could take LTC to its historic top at $250. „As long as we respect this LTA, we have as our next resistance the 220 and then almost only at its historic top around $350.
LTC Price in US Dollars (Reproduction/Market Bitcoin)
Support in R$ 500
The forecast about Litecoin from Bitcoin Market points out that the future is uncertain for altcoin, which can also face a devaluation wave instead of breaking record price if it loses the bullish trend line.
Thus, the weekly analysis suggests that LTC could seek support values of up to R$ 500, with the price of cryptomoeda being quoted at around R$ 800 currently on the market. Analyst Thales Inada still observes that the strong variation of the Brazilian real against the US dollar prevents the establishment of a more precise resistance.
„Due to the influence of the exchange rate, the resistances on the chart in reais are a little less precise. In this case it is possible to perceive how we are around R$ 800 and we test more precisely the LTA. In case you lose it, we have important supports between R$ 500 and R$ 600“.
Litecoin’s record price in US dollars has not been renewed since December 19, 2017, when cryptomoeda was first quoted on the market at exactly US$ 375.29, according to data from CoinMarketCap.
Therefore, considering the dollar rate that day around R$ 3.28, the record price of altcoin in Brazilian reais reached R$ 1,230.95, through the LTC/BRL pair.
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That is, with Litecoin’s price being quoted at R$ 841,47 this Tuesday (19), to break the record in Brazilian Reais LTC needs ‚only‘ an appreciation of about 46%. However, with the dollar currently quoted at R$ 5.33, if Litecoin breaks the record price in the LTC/USD pair, in Brazil cryptomoeda can be worth up to R$ 2,002.02.