TL:DR Breakdown
- Litecoin price prediction analyst expects LTC to hit $95 soon.
- Current support is found at the $86 mark.
- Litecoin price is still a little shaky and strong resistance is found at $90.
The Litecoin price prediction by Kyer shows that the cryptocurrency will move towards the $95 monthly resistance next. The cryptocurrency observed a continuous price ascension on the 30th of November, and it hit the $90 mark on the 1st of December. Bitcoin price is working wonders for Litecoin and other altcoins despite the opinion that it may not be helping the altcoin market.
1-Day Litecoin price analysis
The LTC price rose above the $90 mark during this 24-hour trade. This altcoin has observed a bullish price ascension on the charts for the 30th of November. The price was marked at $89.51 at the time of writing. The highest price achieved by the cryptocurrency was $90.50, while the lowest price mark observed was $76.69. The overall trade on the 30th of November was bullish for Litecoin.
Litecoin price prediction: What’s next for LTC?
The chart shows that the price has formed a cup-like formation and it moved below the monthly support after rising to the $90 mark. The price has approached the $90 level again, and it is expected to hit the monthly resistance at $95.
The crypto market observed a price dump before approaching the monthly resistance, and the traders were faked out which made them sell their coins at $67. The analyst believes that the traders should be buying for the long-position at the $67 entry-level. The cryptocurrency is currently facing two major resistances out of which one is at $89.92, and the other holds the price below the $100 mark. Once this monthly resistance is hit, the analyst expects the price to observe a pullback. For now, the next target prices at $89.92 and $95.
It is also to be noted that a cup and handle formation could also be observed by the LTC/USD pair here. That is if the price observes a downtrend after testing the $95 resistance.
Inverse head and shoulders for Litecoin?
The LTCUSD pair is drawing an inverse head and shoulders pattern on the 4h time frame and inside an ascension channel. The analyst expects the price to rise to the top of the channel to complete the inverse H&S pattern.
The right shoulder of the pattern is yet to be formed. However, once the cryptocurrency moves to the top of the channel to complete this pattern, the price will turn bullish and possibly break towards the upside from this channel. This is because the inverse H&S is a bullish pattern. If we look at the indicators, the Relative Strength Index (RSI) looks good as it approaches the overbought zone. The RSI closed right on the 70.00 mark. The trade volume is still high, though the ascension is slowing down per the analyst.
What to expect from Litecoin?
LTC has been moving up on an ascending channel and Solldy expected the price to hit the $83.42 mark. This price mark was met on the 30th of November.
The flat resistance lies at the $94 level, and the price is expected to retest this mark. The cryptocurrency previously tested this resistance on the 24th of November, and now it is headed towards this price level again. The cryptocurrency is under an on-going long-term trade, and it is expected to continue the bullish movement.
