The Litecoin price prediction by Emdiem suggests that the altcoin will see a price ascension towards the $97 mark ahead. The analyst expects the price to break out of a down-channel soon. The cryptocurrency rose above the $86 mark on the 7th of December.
1-Day Litecoin price analysis
The LTC coin has been making sideways movements over the past few days after Bitcoin hit its all-time high. The cryptocurrency was priced at $84.10 at the time of writing on Bitstamp. On the 7th of December, the altcoin reached its highest daily price of $86.80, while it fell to the $82.26 level near noon. The overall trend for the cryptocurrency has been bullish over the 24-hour chart.
What’s next for Litecoin?
Guapeva has shown a triangle pattern for the LTCUSD pair on the chair below. Per their idea, the cryptocurrency should see a pullback up next and fall to the recently broken trendline.
LTC broke above the triangle pattern formed on the chart above on the 16th of November and the coin has been ascending ever since. The Relative Strength Index (RSI) is riding the upper edge while it closed at 69.66, just short of the overbought zone. The Moving Average Convergence Divergence (MACD) indicator is in the bullish zone with a growing histogram size in the positive region, and the MACD line lies above the signal line.
The analyst expects the altcoin too see a pullback, followed by an ascension as big as the height of the symmetric triangle. The analyst marked a resistance at $153.50 and one at $327.31. Per the idea by this analyst, the cryptocurrency will test these resistances next.
Litecoin price prediction: Breakout ahead?
While Bitcoin has seen its fair share of explosion, analysts like Emdisem believe that Litecoin will follow suit soon. On the chart below, the altcoin’s price trajectory was marked inside a big ascending channel.
Per the setup, the cryptocurrency is moving inside an ascending channel that is placed inside a falling channel, and both of these patterns are placed in a big up-channel. The price is expected to make its way out of the smaller channels and then break towards the upside to reach the upper boundary of the main channel. The two target prices for this trade setup were placed at $97.04 and $111.59. The analyst added that LTC is currently accumulating inside the up-channel and that it will soon explode to reach higher resistances.
What to expect from LTC?
Another Trading View analyst Mohmoa expects the Litecoin price to make its way towards the upside after breaking out of a triangle pattern.
If Litecoin follows the wave-like pattern sketched in the chart above, the cryptocurrency will see a drop in its price volatility until it bounces off the bottom of the triangle and sees a breakout. Per the analyst, the cryptocurrency is supposed to break out of this pattern towards the second half of 2021, while the target prices for this long-term trade setup lie at $148.5, $203.2, and $226.4.