- Litecoin price prediction expects the bullish momentum to build up.
- If the support holds, LTC price likely to oscillate within the current range.
- Days lowest mark recorded at $70.03.
The Litecoin price prediction by Solldy shows that the coin will soon rise towards the $82.63 level. The cryptocurrency saw another decline and fell to the $71 mark on the 11th of December.
1-Day Litecoin price analysis
The altcoin has seen another downtrend following the one from the 10th of December. The price fell towards the $70 to $71 range in the evening of the 11th of December. The cryptocurrency saw a day’s high of $73.55, whereas the days lowest was approached at $70.03.
Litecoin price prediction: Rise to $82.63 ahead?
Litecoin’s ascension over an ascending trend line per Solldy’s chart can be observed below. The analyst suggests a buy entry for Litecoin here, and they believe that the cryptocurrency will hit the $82.63 mark next.
As long as the altcoin does not close below this rising trend line, the price will continue to grow upwards. The trading pair has already retested the ascending trend line and it confirmed the support here. The stop-loss was marked at $66.59 with a buy signal in hand. If the price closes below the rising trend line and moves to the stop-loss, the trade will be invalidated. The price lingered at the flat resistance before falling below it, even though it did not break below the $82.63 mark the very first time.
What to expect from Litecoin?
The Trading View analyst Jaguar Chaman believes that the price is about to escape a 3-year long triangle soon and the breakout will prove to be very fruitful for the cryptocurrency.
For its next move, LTC is to move short and fall towards the bottom of the triangle before it can see a rise above the pattern. Once the cryptocurrency completes the short-term target, the price will bounce off and break out of the channel, per the analyst. The Relative Strength Index (RSI) here is riding an ascending trend line, while the price is above the descending trend line of the triangle. The final target for this long-term trade idea lies above the $110 mark.
What’s next for the LTC price?
The advanced harmonic bat pattern is expected to complete on the 4h time frame for the trading pair. The Gartley bullish pattern should allow the cryptocurrency to turn bullish after its completion. Looking at the bottom near the $67.50 level, the price should form a double bottom pattern if it hits this range before rising towards the upside.
A confirmation for this trade pattern on the lower time frame will mean that the cryptocurrency has closed with a bullish pattern, and the price will bounce off the strong support level that lies short of the $68 level.
Litecoin technical indicator movement
The Relative Strength Index (RSI) closed in the overbought zone for the LTCUSD pair. The histogram appears to be descending in the positive region. At the same time, the signal line has crossed above the Moving Average Convergence Divergence (MACD) line, and both of them are moving downwards. This means that the altcoin has a bearish bias.