TL:DR Breakdown
- Litecoin price prediction expects a rise in price to $90 again.
- Litecoin is retesting the $90 mark but unable to sustain.
- Strong support is found at the $85 mark.
The Litecoin price prediction by Dylan Domnick suggests that the cryptocurrency will rise across the $90 mark again. The price hit the $90 level at the start of the 3rd of December.
1-Day Litecoin price analysis
Litecoin has seen sideways movement on the 2nd of December. While Bitcoin hit its all-time high on the 1st of December, the altcoin market also observed price ascension; however, it was not the same as the one from 2017. Bitcoin has been soaring over the past months due to its increasing adaption.
The BTC market dominance has caused the altcoins to follow suit, but not with the same bullish momentum. Litecoin price hit the $90 mark just after concluding trade on the 2nd of December. At the time of writing, the cryptocurrency traded at $87.69. The lowest price for the day was achieved at $83.38, at the very start of the 2nd of December.
What to expect from Litecoin?
Looking at the chart below we can conclude that the cryptocurrency has been ascending above a trend line, and the price has finally hit a the end of a triangle. The analyst discussed two pathways, out of which one will be assumed by the altcoin. The price is either going to fall below the triangle and move towards $80, or the cryptocurrency will continue to rise above the trend line and move to the $94 to $96 range.
The cryptocurrency has neither confirmed an upwards breakout nor has it confirmed a downward breakout. The trade on the 2nd of December has been sideways. The price is still above the blue Exponential Moving Average which is acting as support here. A bearish confirmation will take place if the price moves below this EMA, so we can still believe that the price may go long from here.
What’s next for Litecoin?
The chart below depicts another triangle pattern that the altcoin has broken out of. The analyst believes that the price will go long towards the $195.41 mark.
The cryptocurrency has been trading inside this triangle pattern since December 2018. Over time, the price volatility has decreased by a lot and it was now bound to break out of the triangle. The cryptocurrency has seen some green candles after the breakout, and it is expected to continue the ascension in a long-term trade until it reached the $195.41 mark. The Relative Strength Index (RSI) has also shown Litecoin to be overbought as it closed above 70.00. The analyst has suggested that the buyers should buy LTCUSD with a take profit of around $190.
Litecoin price prediction: Rise to $90 again?
A triangle breakout is expected if we look at the idea chart by Dylan Domnick. The analyst expects the price to move towards the $90.96 mark, and then rise beyond that in an up-channel.
A breakout above the red trend line will confirm the bullish move, and the price will move towards the $92.50 to $95.00 range next.
