TL;DR Breakdown
- Litecoin price prediction expects a rise to $180.
- Strong resistance lies at the $150 mark.
- Strong support lies at the $136 mark.
Litecoin has resumed an upward trend, following the cryptocurrency market. The daily price action of the cryptocurrency has been relatively stable as Litecoin progresses upwards. The daily low for the cryptocurrency was $126, while the 24-hour high was $149. At the time of writing, Litecoin was priced at $148.
Out of the total 28 technical indicators of Litecoin, 14 are signaling to buy, nine are neutral, and five are sell indications. Eight of the oscillators are neutral, while two are sell indications, and one is at a buy indication. 13 of the moving averages are standing at buy indications with one neutral and three sell indications.
Litecoin Price Prediction: What to expect?
A majority of the analysts appear to be suggesting a long price as they are expecting Litecoin to break its all-time high soon. Analyst Ayointeractive is expecting a break to the $180 level from the cryptocurrency in their Litecoin price prediction, even though it appears to be under some bearish pressures. The analyst is hoping that Litecoin will break its all-time high by the 25th of January.
As per the analyst, major corrections are normal in a bull run. The near 40 percent dump of Litecoin does not waver its strong upward trajectory, per the analyst. The cryptocurrency had been dumped out of a falling wedge formation during the corrections. Still, the analyst expects Litecoin to rejoin the falling wedge formation by the end of the week. The lower boundary of the falling wedge formation will act as major resistance, but Litecoin is expected to break the resistance. The major resistance levels of the Fibonacci retracement are $147, $152, $160, and $180, per the analyst. The RSI also appears to be picking momentum and will further help amplify the cryptocurrency’s bullish pressures.
Analyst PF Abrik has identified an Adam and Eve formation in their Litecoin price prediction. The formation is bullish and hence indicates a bullish outlook for the future price action of the cryptocurrency. The Eve figure also indicates lesser price volatility, and Litecoin was previously dubbed as the relatively safer and stable cryptocurrency market. The formation’s neckline is at $145 – a strong resistance level – which the cryptocurrency has surpassed at the time of writing. The next major resistance level lies at $170. The analyst predicts that Litecoin will be on a straight sharp upward trajectory in the coming few days and can achieve a price level of $185.
Analyst FXCM is bullish for the future of the cryptocurrency in their Litecoin price prediction. As per the analyst, Litecoin’s price action has been operating in an ascending channel formation and is soon approaching the major resistance level of $154. The price action at the resistance level will be crucial for Litecoin’s future as it will determine the upcoming journey of the cryptocurrency. If Litecoin successfully crosses the resistance level, then more bullish momentum can be expected from the cryptocurrency. However, there is an equal possibility of the cryptocurrency rejecting the resistance level. In that case, Litecoin can suffer from a sharp crash to around $123.
