TL:DR Breakdown
- Litecoin price expected to rise to $94.04
- LTC appears to be in a buyer zone per analyst
- Cryptocurrency to see turbulence near $100
The Litecoin price prediction by Solldy shows that the altcoin will rise towards the $94.04 level soon. The cryptocurrency has stabilized near the $88 mark, and the overall trend for the 23rd of November was bullish.
1-Day Litecoin price analysis
While the alts rise on the charts and follow the cryptocurrency king, Litecoin appears to be making brief moves towards the upside on its chart. The LTCUSD pair spiked across the $90 level on the 23rd of November, and the price appears to have hit a resistance level in this region. At the time of writing, the cryptocurrency was priced at $87.97. At the day’s highest, the coin was priced at $90.93, and at the lowest, the cryptocurrency traded at $77.70.
What’s next for LTC?
Alongside other altcoins, Litecoin too has made significant moves towards the upside over the past month. The cryptocurrency has risen to the $90 level from the $50 mark in just over a month. For its next move, Kyer expects the price to hit $95.
On the 18th of November the cryptocurrency broke above the $80.18 level and had confirmed support near this area. The price now trades above the $80.18 resistance-turned-support, and the price is expected to rise towards $95. The top of the setup lies at this mark, which is also the next resistance that Litecoin will look to test.
Litecoin price prediction: Rise to $94.04 ahead?
Solldy believes that the cryptocurrency has entered a buy zone and that a buy signal has appeared for LTC. The analyst suggests that traders enter this trade at the $86.79 mark and buy the asset.
The cryptocurrency is expected to move long and rise towards the $94.04 mark. The LTCUSD pair is expected to hit a resistance that lies right above $94. The cryptocurrency is also well-supported by the $83.49 level, and the stop-loss is marked at $84.19 for this trade setup. The altcoin was able to rise this much due to a strong support line that originated in September 2020, and it continues to rise towards the upside. If the cryptocurrency market continues to look good, the price will hit the $94 mark soon.
What to expect from Litecoin?
The cryptocurrency broke above a big triangle pattern during the first week of November, and it has been trending above a rising trend line ever since. Per the crypto analyst’s idea, the price has been very bullish and it will rise towards the $110 mark and above it, while continuing the same bullish trend.
The bullish trend was assumed after the breakout above the triangle pattern, and the cryptocurrency was able to continue this uptrend due to the ascension observed by Bitcoin and the crypto market. Per the analyst, the risk to reward ratio is not too good, but the analyst suggests the traders who had entered this trade from the $40 and $50 to stay longer before they take profit. The analyst also expects price turbulence near the $100 mark, but they believe that the cryptocurrency will eventually break towards the upside and move to $115.
