Litecoin Price Forecast – Bullish Trend Dominates, Brace for Bullish Breakout!

LTC/USD closed at 260.554 after placing a high of 261.442 and a low of 260.554. Litecoin fell on Thursday following the recent decline in BITCOIN prices and reached the $260 level. An unknown buyer used Litecoin to pay for a legendary Tom Brady football card worth $1.68M. This card was sold at an auction presented by Goldin Auctions; this company revealed that it was the most expensive item to be paid in cryptocurrency since it started accepting such payments.

The autographed card of the 7-time Super Bowl Champion Tom Brady was sold to an unknown buyer for $1.68M worth Litecoin, which was trading at $260. Goldin Auctions’ executive, Ken Goldin, said that the company has never sold a more expensive item since it started allowing crypto payments a month ago. Tom Brady and many other popular individuals have started taking an interest in the crypto industry, specifically in NFT. A 43-year old legend of American football announced his intentions to release his own NFT platform called Autograph. Despite this positive news, Litecoin prices plunged on Thursday amid the recent pullback in Bitcoin prices.

Bitcoin came under pressure after ETHEREUM reached an all-time high near the $2800 level. Many negative developments surrounding Bitcoin kept the whole crypto market under pressure, but Ethereum continued moving against the trend and posting gains. This raised questions about the dominance of Bitcoin, and hence, BTC/USD fell and dragged Litecoin with it. Furthermore, the U.S. Dollar was also strong across the board amid rising U.S. treasury yields that pushed LTC/USD prices further to the downside.

ETH/USD Daily Technical levels

Support Resistance
254.327 257.437
253.271 259.491
251.217 260.547
Pivot Point: 256.381

The LTC/USD pair is trading at 264 level, mainly trading choppy with a narrow trading range of 264 – 248. On the higher side, a bullish breakout of 264 level can lead the price towards 286 while the support continues to hold at 248 level. On the lower side, the bearish breakout of 248 level opens up additional room for selling until 212 level. The MACD and RSI are entering into a bullish zone; therefore, we have to be very careful with our bullish signal. We may close it manually at a loss. Stay tuned.