TL;DR Breakdown
- Litecoin price prediction expects a further rise.
- Litecoin facing strong resistance at $145.
- LTC price finds strong support above $100.
The Litecoin price prediction by the analyst BT Graph shows that the coin will rise towards the $145 resistance next. The cryptocurrency observed a bullish move towards the $110 mark on the 17th of December.
1-Day Litecoin price analysis
The LTC price line saw a continuous rise towards the $110 mark on the charts for the 16th and the 17th of December. The highest price marked for the cryptocurrency was the $110.09 mark on the 17th of December. This shows that the crypto market has been under a continuous bullish move over the past 40 hours.
Litecoin price prediction: Rise ahead?
The Trading View analyst BT Graph believes that the cryptocurrency is ascending on a rising trend line, and the price is expected to rise towards the altcoin‘s all-time high from 2017.
This is a setup for a long-term trade idea; the price should see strong resistance near the $145 mark, which is the first target price for the cryptocurrency. The second target lies near the $185 level, where the key resistance lies for this target. The price is believed to hit this horizontal resistance while traveling above this ascending line.
If we look closely, the pattern shown above looks like a rising triangle pattern. There is a strong support level at the $45 zone, and the rising trend line also looks sturdy enough to keep the cryptocurrency going upwards. If this trend continues until the cryptocurrency hits the resistance mark, the price will shoot up and reach greater resistances, which is also where its journey for reaching the previous all-time high will start.
What’s next for the LTC price?
The cryptocurrency can be seen escaping a falling trend line while it is supported by the 50-Day, 100-Day, and the 200-Day Moving Averages.
The Moving Average Convergence Divergence (MACD) line and the signal line show that the price has seen a divergence and the histogram size has decreased in the negative region. This means that the cryptocurrency has begun to rise towards the upside while we can also see a major rising in the altcoin’s trading volumes.
The cryptocurrency has confirmed the breakout. It is now traveling towards the second falling trend line of the bigger pattern. The price is expected to see multiple ups and downs (line sketched in blue) until it finally moves out of these multiple resistances. The analyst expects the price to rise towards the $120 mark once this pattern is completed.
What to expect from Litecoin?
Vince Prince’s chart shows an inverse head and shoulders pattern, and the cryptocurrency was expected to fall after its previous rise in price.
The inverse H&S is a bullish indicator, and the price has risen towards the $110 mark after its completion. The analyst’s prediction shows that the cryptocurrency will return towards the neckline sketched in the chart above before the price rises any further. This idea may have very well been invalidated due to the bullish momentum that LTC observed over the past 2 days.
