- Litecoin price prediction expects a corrective price movement.
- Strong support is found at $122.
- Strong resistance is found at $132.
Litecoin started off the year with a value of $39. Litecoin had some violent fluctuations throughout the year and went as low as $30. However, like other major cryptocurrencies, Litecoin has been on a steady upward trend since October of this year. Litecoin achieved its year high at around $130. That is a whopping growth rate of 70% for the year.
As for today, the coin peaked at $132 and had a low of $123. Currently, at the time of writing, Litecoin is priced at $12425. The market sentiment of Litecoin is bullish. Majority of the technical indicators, fifteen to be precise, are giving out a buy signal. Out of these most oscillators are neutral whereas the majority of the moving averages are a strong buy.
Litecoin price prediction: What to expect?
Analyst Vince Prince had identified a descending triangle formation in the price action of Litecoin. The descending triangle has a bias towards the bearish zone. Within the triangle, a coherent wave count had also been established. Litecoin completed waves A to C successfully but the wave E lies at bearish pullback cluster. Litecoin faced strong bearish pressure even before it approached the wave E which resulted in the coin not even completing the wave E. the coin, however, resumed on a different and shorted wave count where it frequently bounced back and forth between the upper and the lower boundaries of the descending triangle formation.
Litecoin is near the end of the deciding triangle and the upcoming price action will prove to be decisive as we will see whether the coin breaks out upwards or downwards. If Litecoin breaks out towards downs then it will continue in a bearish zone and find support at the initial target zone of $111 which can prove to be a possible recovery.
In his Litecoin price prediction, analyst Solldy has established the price action of Litecoin to be in a descending channel formation. The price action has been on somewhat of a wave count inside the channel as it continues to test the upper boundary as resistance and the lower boundary as support. Apart from this, an ascending channel formation also existed but the recent price action invalidated that but the lower boundary is still acting is strong support for Litecoin. The analyst suggests a long position as the coin is bullish and does not show any bearish signs.
However, analyst WyckoffMode had seen some downward pressure in the mid-term time frame. Per the analyst, the downward pressure is strong and can be expected to continue till January. So far Litecoin price seems to be following the Vince Prince Litecoin price prediction.
As Ripple (XRP), the fourth-largest cryptocurrency, found itself amidst a lawsuit filed by the SEC, its value and market worth have tumbled downwards sharply. This proved to be an opportunity for Litecoin as it overtook the fourth rank from Ripple. Litecoin is now the fourth-largest cryptocurrency by market capitalization. This has resulted in traders flocking to the coin. With its new rank, it can be expected that the new year will only bring good news for Litecoin and it will continue to rise upwards.