TL;DR Breakdown
- Litecoin price prediction expects a rise to the $180 mark.
- Strong resistance lies at the $172 mark.
- Strong support lies at the $158 mark.
Litecoin has been regarded as the safer cryptocurrency at the moment because of its lower levels of volatility. The coin has not been on a sharp upward spike like other major cryptocurrencies. Although the coin does seem to be aspiring for its all-time high of $230. The daily low for the coin was $160 while the 24-hour high was $172. At the time of writing, the coin stands at $169.77. The fluctuations in the 24-hour price actions were not major.
The market sentiment for Litecoin appears to be bullish. Out of the total twenty-eight technical indicators, eighteen are giving out a signal of buy, 6 are neutral whereas only 4 are sell. The oscillators are mostly neutral with the sell and buy at 3 indications each. Fifteen of the seventeen moving averages stand at buy with 1 neutral and sell indication each.
Litecoin price predictions: What to expect?
Analyst Ja Ja has identified a cup and handle formation in their Litecoin price prediction. The coin appears to have successfully completed the cup formation and is currently underway to complete the handle. The cup and handle formation is a bullish figure and indicates the future bullish momentum in Bitcoin price movement. The analyst is expecting Litecoin to break out of the cup and handle formation towards the upside. The potential target is around $180 as of now, as per the analyst.
The analyst has also identified strong support levels near the current price action of the coin. The first level of support is at the $158 level, followed by the $147 level. The analyst is suggesting a long position of Litecoin in light of the bullish pressure on Bitcoin, and in the cryptocurrency market in general. However, the MACD of Litecoin does not appear to be bullish and can be seen moving downwards.
Analyst Nagihatoum has identified a rising wedge formation in their Litecoin price prediction. The steeper lower boundary of the rising wedge formation indicates even higher lows and, in general, bullish momentum of the coin. Litecoin can also be observed to have been testing the upper boundary of the formation.
Per the analyst, Litecoin can either breakout towards the upside or the downside from the rising wedge formation. Even though the formation portrays bullish trends, both scenarios are equally likely right now. If the coin breaks out towards the upside, then the likely target for Litecoin can be $252, as per the analyst. The level of $252 is also the target of the Adam and Eve double bottom. However, if the coin goes down, then it is likely to continue dropping in value for a while. The coin can go as down as $65, where chances of the coin establishing itself on the support line are high.
Analyst Quant Guy is aiming for the near potential target of $173 in his Litecoin price prediction. The analyst is expecting strong resistance coming soon. As per the analyst, the coin can drop to $153 and even the $140 level. But a drop to these levels will not signify the onset of bearish divergence in the coin. Litecoin can still be expected to have bullish momentum.
