- Litecoin price prediction expects a fall towards $130.
- Strong resistance lies at the $172 mark.
- Strong support lies at the $155 mark at the time of writing.
Litecoin suffered from some major fluctuations during the day. The cryptocurrency peaked at $180 for the day, while the 24-hour low for Litecoin was $155. At the time of writing, Litecoin stands at $169.33.
Out of the total twenty-eight technical indicators for Litecoin, eighteen are giving out a buy signal with 6 neutral and just 4 sell signals. Oscillators are mainly neutral with sell and buy both at 3 indications each. Most of the moving averages – fifteen – are buy with sell and neutral indications at 1 each.
Litecoin price predictions: What to expect?
Analyst Vince Prince, in his Litecoin price prediction, has identified an ascending wedge formation. The formation indicates the bullish momentum of the cryptocurrency. Litecoin can also be observed to have formed a coherent wave count inside the wedge formation. Unfortunately, Litecoin did not have enough bullish pressure to complete the wave count and test the upper boundary of the ascending wedge formation.
Per the analyst, Litecoin has established a low volatility cycle, which would result in Litecoin testing the lower boundary of the wedge formation. Litecoin is on a downward trajectory inside the channel, as of now.
Prince predicts that the cryptocurrency seems unlikely to hold the lower boundary of the formation. Litecoin will most likely break out of the formation to the downside and reach the final confirmation of the rising wedge formation. Litecoin can then be expected to continue moving downwards until strong support is established. Bearish momentum will overtake, and lower potential targets will be activated.
The possible stabilization zone for Litecoin can be the $130 mark. At this level lies EMA support as well as previously established horizontal support. If Litecoin stabilizes at this level, it can continue its upward trajectory.
Analyst Bert Groffman expects the bullish momentum of the cryptocurrency to last for a while in his Litecoin price prediction. As per the analyst, Litecoin is currently lying on a strong support level of $165. The analyst predicts that the next major resistance level is not close – at $217 – so Litecoin’s upward trajectory can be expected to continue. Litecoin has successfully tested all the Fibonacci retracement levels, according to the analyst, is in a few weeks will most likely break its all-time high of $390.
Analyst Metaphysical Trader is also expecting corrections from the cryptocurrency soon, in their Litecoin price prediction. Per the analyst, Litecoin will reach the price level of $260, and then a sharp crash will occur. The level of $260 is at the peak of wave one. Litecoin can be expected to drop to as low as $130. However, Litecoin is likely to continue back its hike after the corrections. According to the analyst, wave two of the cryptocurrency will be topped at $600.
Analyst Tenang FXMY is expecting Litecoin to reach higher levels in their Litecoin price prediction. The analyst has identified a double top at around $180 as well as an ascending support line for the cryptocurrency. The analyst is also suggesting a long position for the cryptocurrency.