Welcome to Libertex! May is starting to look more and more like the month of Litecoin. Surging nearly 40% since the start of the month, Litecoin has shot past previous resistance levels and has now blown past all time highs from several years ago. Where will Litecoin go from here? A lot is in store for Litecoin this year, and as one of the original altcoins founded back in 2011, traders are starting to finally be rewarded for their patience, while the recent price action turns more and more new traders into Litecoin fans. We’ll be getting into all of that, as well as price targets for Litecoin, so if you like content on all things Litecoin, the latest developments and technical analysis on the top crypto movers, stocks, metals, and more, you can support our team of analysts striving to deliver on-point news for stronger trading in 2021 by smashing the like button, and subscribing to our channel to join our growing community of traders So without further ado, let’s jump into the Litecoin price analysis for May! As Litecoin makes further moves into uncharted territory, more and more bullish signals are being revealed to propel Litecoin further as we advance into May.
Supporting the outlook is a 30% increase in the number of new Litecoin addresses joining the Litecoin network. More non-traditional crypto traders are entering the space via an increasing number of exchanges that are offering Litecoin as an asset, and as other altcoin like Dogecoin, XRP, and Ethereum make record advances, the fear of missing out has triggered an uptick in interest for Litecoin. Currently, trading volume for Litecoin is up 140% higher than average, and while this is partially explained by the ongoing crypto boom the market is now experiencing, another reason for the surge in Litecoin is its developments as a practical asset.
Litecoin can now be used with PayPal, and users can ‘checkout with crypto’ – This feature has extended Litecoin to the masses, beyond just retail and crypto traders, which could potentially keep the momentum growing at a sustainable rate. In addition to the PayPal integration, 2021 has already proven to be an exciting one for Litecoin, with one of the biggest developments as Visa recently launched a ‘Litecoin Card’ that can be used both physically and digitally in the US, and will soon expand into 31 European countries. In addition to this, PayPal will feature Litecoin as one of four crypto currencies available for use on the platform. While Litecoin surges past all time highs and looks onward to $400 dollar levels, some analysts are publishing predictions as high as $6-700 dollars by the end of the year for Litecoin. The Economy Forecasting Agency, as just one example, is putting Litecoin at $614 by the end of December but states it could go as far as $762. To get a better read on how Litecoin is trading currently as well as what we may be able to expect from here as far as support and resistance is concerned, so let’s now jump into the technical chart for Litecoin.
Alright we are now in Libertex terminal looking at the technical chart for Litecoin and just since the start of the month we can admire this nearly parabolic run to the upside, a near 40% gain in just a matter of days. To sustain the moves Litecoin has made since the end of April and start of May, Litecoin traders will want to keep a close eye on the moves around the current channel, and hope that Litecoin will not fall past newly gained support around $325. According to the RSI, Litecoin is looking a bit tired after such a run, but then again we are in a new era for crypto. With this though, a pullback should be expected after such a run up but we will really have to see how much it will be and if it will take traders back to this support level.
If this level is broken, Litecoin may pull back to the $300 pivot level, putting sub $300 levels back into play, highlighting the first real major level of support at $277. Because of the momentum Litecoin has built up, as well as the overarching crypto boom, many traders feel that if Litecoin does get pulled back to such support levels, it won’t stay there for long. This brings us to how we should be looking at Litecoin from a resistance standpoint, given that Litecoin is now trading above its record all-time highs from 2018. Most immediately, Litecoin will need to break past resistance from the intra-day swing high of $363, before realizing a greater move further into new territory with $400 in sight. If $363 can be cleared, $375 dollars for Litecoin will be the next immediate price target and area of resistance before a move towards and beyond $400 could be made. If Litecoin can continue the moves it has achieved recently, the crypto market could potentially see a $500-600 Litecoin in the mid term or by the end of the year, but if you are trading Litecoin for the short term, consider setting stop losses at the levels of support and sub 300 areas, and have a clear understanding of your goals and realistic price targets.
What are your thoughts on Litecoin prices for May and for 2021? Let us know your price predictions and whether you will be buying Litecoin at the current price in the comments to join the conversation with our community of traders and analysts! If you liked this video, don’t forget to like and subscribe, and if you’re interested in trading Litecoin, as well as the other top crypto currencies, stock CFDs, forex pairs, metals and more, head over to Libertex.com or via the links in the description and open up a free account today! We’ll provide you with everything you need to start your trading journey and have over 20 years experience as a trusted and leading brokerage.
As always, we’d like to wish you a successful May of trading. Thanks for watching, and see you next time!.