TL:DR Breakdown
- Litecoin price prediction expects a retest of $94 range.
- Strong support found at the $85 mark.
- Analyst expects Litecoin to rise back up towards $100.
The Litecoin price prediction by Solldy has shown that the LTC price will retest the $94 resistance. Per the analyst, this is a strong resistance level. Litecoin observed a descending trend on the 25th of November. While Ethereum and other cryptocurrencies are also performing well.
1-Day Litecoin price analysis
The price observed a downward trend on the 24th and the 25th of November. The cryptocurrency’s price fell to a day’s low of $84.89, whereas the day’s highest price was recorded at $93.70. After a day’s long descending trade, the cryptocurrency closed at the $86.14 mark, where it currently trades. The overall trend for the cryptocurrency was bearish during the 24-hour trade.
Litecoin price prediction: Retest of the $94 mark ahead?
Solldy believes that the LTC price will move into a long position and rise to the $92 to $96 range next. The cryptocurrency had been riding near the $83.42 resistance-turned-support from the 19th of November to the 23rd of November. The cryptocurrency broke towards the upside on the 23rd of November and moved to test the $94 mark.
The analyst expects the price to retest the $94 resistance. The analyst also believes that this flat resistance is strong, and it originated in September 2020. Per the analyst, the cryptocurrency continues to rise, and that the cryptocurrency has good market conditions for further growth from here. The price is to first move towards the $83.42 level, after which the cryptocurrency may see a bounce towards the $94 level.
Litecoin technical indicator movement
The Trading View analyst Mudrex is of the opinion that the LTCUSD pair will see a slight downtrend on the charts. The cryptocurrency’s price has been riding the upper Bollinger band with it moving towards the upside.
The trade volume has increased lately but responds reflectively to price fluctuations – rising and falling with any increase or decrease respectively. This means that the buying pressure for the trading pair is strengthening. The indicators suggest a downtrend for the cryptocurrency.
The Moving Average Convergence Divergence (MACD) line moves above the signal line. The histogram size is decreasing in the positive region. This indicates a bullish bias for the cryptocurrency. The Commodity Channel Index (CCI) closed at around 91, which means it’s in the neutral region. The CCI recently fell from the overbought region. The Relative Strength Index (RSI) closed around 69, which lies above the midline. However, the indicator is in the neutral region after retreating from the overbought zone.
What to expect from Litecoin?
The cryptocurrency is trending upwards inside an ascending channel. The price is expected to rise towards the top of the channel, after which the analyst believes that a bounce-off will occur and the price will escape the up-channel.
The Relative Strength Index (RSI) is still above the midline, and the price is expected to move upwards from here. The analyst believes that the altcoin will escape the up-channel and rise towards the $120 mark after seeing a pullback.
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