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The crypto Twitter user and Litecoin ($LTC) enthusiast Shan Belew predicted that $LTC would eventually rise to between $5K and $10K in a tweet earlier today. In the post, he stated that the altcoin’s price is retesting a key resistance zone at $90-$100 and is “ready to level up.”
In his bullish prediction for $LTC, Belew added that the current retest of the $90-$100 resistance zone is taking place well before the Bitcoin ($BTC) halving event and the expected $BTC price top in 2025. Subsequently, the crypto Twitter user predicted that $LTC will most likely only reach the $5K-$10K zone when $BTC reaches its top for the next bull cycle.
At press time, $LTC’s price stood at $89.94 according to CoinMarketCap. This is after it printed a 2.58% loss over the past 24 hours. Nevertheless, the altcoin’s weekly performance remained in the green at +16.74%.
From a technical perspective, $LTC’s price was rejected by the major resistance level at $90.95 over the past 24 hours. It was able to break above this mark during yesterday’s trading session, and reached a high of $93.80. It was, however, unable to close yesterday’s daily candle above the major resistance point.
Despite the recent rejection by a major resistance level, technical indicators on $LTC’s daily chart suggested that its price would continue to rise in the next 24-48 hours. The 9-day EMA line was bullishly positioned above the 20-day EMA line. In addition to this, the daily RSI was in neutral territory, which indicated that $LTC’s price still had space to rise before it will be considered overbought.
Should the bullish technical flags be validated, then $LTC’s price may look to flip the aforementioned resistance level at $90.95 into support. On the other hand, $LTC’s price getting rejected again by the resistance level within the next 48 hours may lead to it correcting to the support level at $83.88.
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