- Litecoin price prediction expects a retest to $180.
- Strong resistance is found at the $140 mark.
- Strong support is found at the $132 mark.
Mirroring the movements of the king of cryptocurrencies, Litecoin is on a downward trajectory. Litecoin was priced at $138.65 at the time of writing. The cryptocurrency observed some major volatility in the daily price action. Litecoin topped the day at $146 but quickly went downhill to a 24-hour low of $126.
The technical indicators show that Litecoin is under a buy signal as 11 of the 26 indicators stand at buy. Eight of the rest are at sell whereas nine are at neutral. The oscillators have only one sell indication while the majority – eight – stand at neutral and only two are at buy. Nine of the seventeen moving averages are giving out a buy signal with seven indications of sell and just one of neutral.
Litecoin price prediction: What to expect?
In their Litecoin price prediction, analyst BO Traders explains that Litecoin will form a symmetrical triangle soon. The upper boundary of the triangle formation is horizontal at $180, an indication of how strong a resistance level $180 is as Litecoin had been struggling with the level previously. During the recent market correction, Litecoin dived to $130 at the measured Fibonacci level of 0.5, but then it dived even lower to the 0.618 Fibonacci level at $114.
Per the analyst, Litecoin appears to be forming strong lower support at $125. If that happens, the analyst predicts an upward hike to around $150. The analyst also suspects a double top formation, which would result in the price going as high as $180. However, strong corrections are likely to occur – as is common – after the double top formation.
Analyst Ingenuity Trading has identified the cryptocurrency to be operating in a horizontal channel formation. In the analyst’s Litecoin price prediction, Litecoin is facing strong resistance at $139, which is also the channel’s upper boundary. Strong support has formed at the lower boundary of the channel at $119. Litecoin can break out of the formation in either direction. However, the analyst suggests that if the support level of $119 keeps on holding, the next move could be on the upside. In that case, the analyst is aiming for a target potential of close to $100, if not higher.
Analyst Avid Khan is very optimistic for the future of the cryptocurrency in their Litecoin price prediction. Like the majority of the analysts, Khan also expects a break to the $180 price level from Litecoin. However, the trajectory identified by the analyst is not smooth and has various fluctuations. Minor pullbacks can be expected from the cryptocurrency, but eventually, Litecoin can reach the level above $180.
Even though the level of $180 – or something close to that – seems like a plausible option as per analysts, not all analysts agree with the optimistic future of Litecoin, and there are mixed views. Analyst My Cotoxin is not hopeful for Litecoin’s future price action. The analyst is expecting a sharp pullback to the downside of the cryptocurrency. Per the analyst, the next target potential for the cryptocurrency can be $98.