- Litecoin price prediction expects a rise towards $170.
- Strong support is found at the $135 mark.
- Strong resistance is found at the $155 mark.
The Litecoin price prediction by Jojo Fang depicts the projection of a continued price ascension for the altcoin. The cryptocurrency made it across the $150 key resistance on the 2nd of January after following Bitcoin BTC’s upward move. The king of cryptocurrencies Bitcoin BTC stands above the $34000 all-time-high mark whilst Litecoin appears to be following its footsteps.
1-Day Litecoin price analysis
Noticing the chart above, we can see that the LTC price has been under a continuous ascension for the past two days. The price had moved above the $150 mark near noon on the 3rd of January. The highest price that the cryptocurrency hit on the 2nd of January was the $156 mark, with a day’s low of $135. Litecoin appears bullish as more buyers pour into the market with an increasing trade volume.
The altcoin currently has the fourth-largest market cap out of all the cryptocurrencies out there. Like Bitcoin BTC itself, the altcoin has managed to enter the new year with exciting bullish energy while it has majorly seen price ascensions over the past 2 to 3 months. The cryptocurrency stands at its highest after June 2018, when the asset fell from the $315 level towards the $115 mark. Litecoin LTC has finally made its way past the $150 mark, while it trades at $152.60 at the time of writing.
Two out of the eleven oscillators indicate a sell position for Litecoin, while two are for the buying position. The remaining seven oscillators stand neutral whilst the sixteen out of seventeen Moving Averages are at signaling to buy. This means that the technicals are in support of the news that indicates a bullish Litecoin in the near future. The technical discourage selling at the time of writing.
On the 4H time frame, the Moving Average Convergence Divergence (MACD) line is moving above the signal line while the histogram size is increasing in the positive region. This means that the cryptocurrency is set to see an uptrend over the next 4H with its continued bullish momentum. The LTC price is riding the upper Bollinger band, which also indicates an uptrend. The Relative Strength Index (RSI) is in the overbought region at 76.04 on the 4H time frame.
Litecoin price prediction: What’s next for the altcoin?
The Trading View analyst Jojo Fang believes that Litecoin traders should only expect continuation for the cryptocurrency towards the upside.
By looking at the chart in this Litecoin price prediction, we can see that the cryptocurrency has recently broken above a wedge pattern and the price was expected to break above the $150 flat resistance after seeing some accumulation. On the 3rd of January, the LTC price soared up across the $150 mark, while it currently stands short of the $153 level.
Per this Litecoin price prediction, the LTC price will soon enter a falling wedge pattern that lies above the $160 mark. After the completion of this falling wedge, the price is expected to see another bullish move towards the upside. This ascension is expected to continue until at least the asset reaches the $180 ceiling.