- Litecoin price prediction expects a rise to $150.
- Strong resistance lies at the $146 mark.
- Strong support lies at the $138 mark.
Following the cryptocurrency market, Litecoin took a downturn after seeing some bullish momentum. The cryptocurrency’s daily price movements fluctuated greatly. Litecoin began the day by achieving the 24-hour high of $155; however, Litecoin price spiraled down to the 24-hour low of $130. At the time of writing, Litecoin was valued at $143.
Out of the 28 technical indicators, ten are neutral indications whereas buy and sell signals are at nine each. Eight of the oscillators are neutral with two buy indications and one sell indication. Out of the moving averages, the buy and sell positions are at eight each with one neutral indication.
Litecoin price prediction: What to expect?
Analyst Mamootino had previously identified a head and shoulder formation in his Litecoin price prediction. Litecoin’s breakout from the head and shoulder (H&S) formation has been fueling its upward journey. Per the analyst, the cryptocurrency is underway to break a very strong resistance level that had remained unbroken since April, 2018 – after the bull run of 2018. The resistance zone lies between the price range of $149 and $180. Mamootino furthers that if the cryptocurrency is unable to break the resistance level now, it would retry after corrections.
The analyst believes that failure to break the resistance will cause Litecoin to retrace with strong corrections to around $120. However, Mamootino furthers that Litecoin will pick up its earlier pace with a renewed vigor after the correction and break the resistance level. The weekly candle closing will further clarify the route Litecoin will take, but the analyst is extremely hopeful for a break. Litecoin can be expected to reach its moon target.
Another analyst also suggests a long position for Litecoin as future predictions of the cryptocurrency’s price action are optimistic. Analyst Ayointeractive has identified a cup and handles formation in their Litecoin price prediction. The bullish formation has a neckline at $154. The analyst believes that if Litecoin can break out of the formation, it can reach the previous price level of $180. If all goes well and Litecoin consolidates between $175 and $185, the analyst expects Litecoin to form another leg towards the $200 and $220 price range. The analyst furthers that this upwards trajectory will keep on progressing for the cryptocurrency.
However, not all analysts are hopeful for Litecoin’s future, with some predicting a grave future for the cryptocurrency. Analyst Ikeben had identified the cryptocurrency in a falling wedge formation in his Litecoin price prediction. But the recent break out from the formation indicates the strong bearish pressures that hold on the cryptocurrency. Per the analyst, Litecoin must hold the crucial $143.79 level.
Litecoin had been skirting close to the price level; however, a break out has yet to be seen. The analyst suggests that if Litecoin does not hold this price level, then bearish pressure can lead the cryptocurrency to a price level of $109. The bearish analysis is also confirmed by another analyst, Home, who predicts Litecoin to fall to $70.