- Litecoin price prediction expects gradual gains.
- Bullish streak yet to start.
- Lowest price mark at $73.34 so far.
- The current support level is at the $75.50 mark.
The Litecoin price prediction by Solldy shows that the altcoin will retest the $82 mark after the bulls following the buy signal come into play. The cryptocurrency formed a descending slope on the 10th of December.
1-Day Litecoin price analysis
The LTC price observed a descending move on the 10th of December, where the price stepped below the $73.50 level towards the evening of the day. The cryptocurrency traded at the $74.53 mark at the time of writing. The day’s highest for Litecoin was $78.22, whereas the altcoin hit’s lowest price of $73.39.
Litecoin price prediction: Rise to $82.68?
Per Solldy, the cryptocurrency has hit a buy signal on the 1h time frame and the price is expected to enter a long-position from here to reach the $82.68 level.
On the 7th of December, the cryptocurrency began to fall from the $83 mark, and it moved towards an ascending trend line that originates in December. The analyst laid the stop-loss for this trade at $72.07, whereas the target price is marked at $82.68. If the coin gathers enough bullish momentum and closes above this ascending trend line, the LTC price will test the flat resistance at the $82.68 mark next.
What’s next for LTC?
Litecoin is traveling in a big ascending channel with a falling wedge inside of it. The altcoin has fallen to the bottom of the channel and the wedge pattern. The analyst Ayo Interactive believes that the cryptocurrency will soon bounce off the channel’s bottom and break out of the wedge pattern.
The bounce-off is expected to allow the cryptocurrency to gain bullish momentum, which will then cause the price trajectory to move out of the falling wedge. Over the upcoming weeks, the price should rise towards the $110 mark after testing several resistances, per the analyst’s idea for the LTCUSD pair.
The cryptocurrency jumped to the 200-Day Moving Average, with consolidating near the 50-Day Moving Average. The 200-Day MA is at the bottom of the channel, and the price should bounce off the technical indicator to turn bullish. The indicator is acting as strong support here, and the trade volume must rise if the cryptocurrency should see any serious bullish momentum, per the analyst.
What to expect from Litecoin?
The cryptocurrency has been ascending over a trend line from the 23rd of November, and the price formed strong support between the $64 and $68 levels. The cryptocurrency tested the top of the setup at the $92 mark twice, and it has returned to the ascending trend line.
If this support fails, LTC will continue to fall towards the strong support region. But if the cryptocurrency closes above the trend line, then it will continue to rise above the trend line until it retests the $92 resistance region. In another case, if the price breaks below the rising trend line, it will bounce off the flat, strong support level and retest the ascending support-turned-resistance.