TL:DR Breakdown
- Litecoin price prediction expects increased volatility.
- Price dropped to its lowest mark of the day so far at $78.
- Litecoin could see slow upwards trajectory in the long-term.
The Litecoin price prediction by Snyyper T shows that the currency is under a bearish move and the price might fall to $64.5 next. The currency fell below the $80 level on the 8th of December.
1-Day Litecoin price analysis
The LTC price was observed at the $79.24 mark at the time of writing. The cryptocurrency approached a day’s high of $86.83 on Bitstamp. The coin has been under a descending move for the 8th of December. The price dropped to the $78 mark in the evening, which was when the price was at its lowest.
Litecoin may see ascension in the long-term
Looking at the chart below we can see that the cryptocurrency is facing heavy resistance short of the $83.1 mark. This price is expected to see a pullback from here and move sideways with multiple retests of the flat resistance below $83.1.
Once the altcoin tests the resistance it will eventually fall to the support below the $70 level. The price will confirm support here again see a bounce-off drom there to hit the resistance above the $83 level again. The analyst believes that the price will ride this resistance until it finally breaks above this zone and moves towards greater highs and resistances. The target price for this trade setup lies above the $110 level. Per the trade setup, the cryptocurrency should reach this target in 2022. This setup was sketched over the 1w time frame for the LTCUSD trading pair.
Litecoin price prediction: What’s next for Litecoin?
The Trading View analyst marked a triangle pattern for the LTCUSD pair, while the price broke below this pattern on the 8th of December.
The analyst has placed the pair in an ascending channel and they expect the price to take one of the two paths from here. The first scenario for the cryptocurrency suggests that the price will drop towards the low of $64, which is marked below the ascending channel if the cryptocurrency is to move below the $80 mark and close there. Per the second scenario, the cryptocurrency might rise towards the top of the channel if it keeps above the midline and moves to the $93 level, which is the first target price for the long-term trade. If the cryptocurrency makes a bullish continuation from here, the LTC price will rise to the top of the channel and cross the $100 mark.
What to expect from Litecoin?
Vince Prince’s idea for the LTCUSD trading pair suggested that the price will ascend in an up-channel and hit the top of the channel to see a reversal.
On the 8th of December, the cryptocurrency fell bearish and moved below the up-channel drawn by the analyst. The price drop invalidated the ascension that was suggested by Vince Prince, and the price turned to the fall before rising across the $88 level. The LTCUSD trade volume has increased over the past couple of hours, while the cryptocurrency’s price has fallen below the $80 mark. This may be a bearish indicator for the LTC market.
