- Litecoin price predictions focusing on the bearish momentum.
- LTC finds strong support at the $47 mark.
- If the support holds, LTC price is likely to increase.
With the increased market volatility, Litecoin price also observed increased price volatility compared to the previous day trading. LTC price was observed, varying between the price momentum of $49 to $45 levels. Although previously, the cryptocurrency made its way past the $50 mark.
Within the 24 hours, the momentum has faced a bearish halt with minimum action, The highest price in the 24-hour mark was seen to be $48.40. At the time of writing, LTC price stands at $47.33 mark.
Litecoin price predictions: What to expect?
Litecoin price predictions are coming in strong for a new high to form after the current bearish trend. Analyst MasterYodaFX advises us to keep our eyes on lower time frames for sale setups. While another analyst, Jaguar Chaman feels that the current price market scenario makes sense while the support stands at the $39 mark. However, he further advises that strong buy zones for maximum profits stand in the $30-$20 range.
Litecoin price predictions: LTC to drop further
The uncertainty in the Litecoin world has all confused for when to and when not to invest. During this turmoil, cryptocurrency analyst LF, on the other hand, feels that the recent drop in Litecoin has taken over three weeks, and it still hasn’t gone back up. This is a very bearish sign, and with more downside expected in Bitcoin, He predicts that the prices will be seen to go a lot lower than this over the coming weeks. And advise buyers to play safe for some time.
While Analyst Yoshimura Erik also predicted a bearish momentum that would cause the price to fall. He explained that we seem to have some good support at the current price levels which is coupled with 200MA and that 50MA.
In another analysis, Shubbs states that Litecoin on a monthly chart has reliable support and resistance lines long term. He further predicts that the resistance through Nov 2013 $55 high and the Dec 2017 $370 high leads to a $2500 top in Dec 2021 to a $4000 top in Dec 2022. This would correspond to Bitcoin at $140,000 in Dec 2021 and $220,000 in Dec 2022.
He makes his analysis by putting in the notice the green accumulation areas from 2014-16 and 2018-20. What follows these green accumulation areas is a rapid rise in price to the top resistance line at the end of 2013 and 2021. Although, selling in tranches near the resistance line from the end of 2021 to the end of 2022, whenever price approaches that line, will prove to be prudent.
At the time of writing, Litecoin price technical indicators are in a good selling position. Where the oscillator indicators are in a buying positions, whereas the moving averages are depicting a strong selling positions. This deviation in the technical indicators depicts the market volatility at the time of writing. Traders are advised to take extreme caution while trading in the LTCUSD pair.
Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.