- Litecoin price prediction expects a rise to $170 mark.
- Strong resistance is found at the $165 mark.
- Strong support is found at the $148 mark.
The Litecoin price prediction by The Signalyst shows that the cryptocurrency will either continue bullish towards the $190 mark or fall towards $100 after breaking below the up-channel. Per the analyst, the cryptocurrency should rise towards the $170 mark next. On the 20th of January, the cryptocurrency fell to the $150 level while following the BTC price correction.
1-Day Litecoin price analysis
The Litecoin price formed a descending triangle on the chart for the 19th of January as Bitcoin BTC observed a price correction and fell towards the $35500 from the $37500 level. The altcoin market followed the king of cryptocurrency during the downtrend where LTC slipped below the $152 level. Litecoin price seems to have come to a rest near the $150 level, while it trades at $150.04 at the time of writing. The highest price that the crypto asset hit on the 20th of January was $156.13, whereas it went as low as $147.62 during the day.
The technicals appear in favor of the buy position, with 15 indicating a buy signal, nine in the neutral region, and four with a sell indication. Eight out of 11 oscillators stand in the neutral zone, while one is at the buy signal and two are under a sell signal. Out of the 17 moving averages, 14 are under the buy signal with a strong buying indication, one stand neutral, and two are under the selling indication.
The midline of the Bollinger bands has been broken towards the downside near the $152 level, which means that the next target for the cryptocurrency might lie at the $125 level unless the BTC price holds the support at $35000. The Bollinger bands depict an increase in the expansion on the 1D time frame with the increase in price volatility.
Litecoin price prediction: What to expect from LTCUSD?
Trading View analyst The Signalyst believes that the cryptocurrency will soon see a bounce towards the upside where it will test the $170 mark. The Litecoin price prediction shows that the LTC price is traveling inside an ascending channel, and the price will either keep its bullish trend or break below the channel to become bearish.
If the cryptocurrency gets rejected at the $170.46 resistance, the price will fall below the channel with a price reversal that will lead the cryptocurrency towards the $104 mark with the support at $100. For the reversal to happen, LTC needs to form another swing towards the downside. In this case, the analyst expects the price to fall to a buy zone near the $100 level.
The Litecoin price prediction also shows a bullish continuation scenario for the LTC/USD pair, where the price might break through the $170 resistance and rise towards the top of the channel. In case of the continuation, the price is expected to swing towards the long-term $190 mark. The analyst suggests that if the price breaks above the flat resistance, traders should look for buy setups near the green zone, above the $170 level.