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- 1 Litecoin Price prediction showcases uptrend to continue in the long term but it may suffer in the short term.
- 2 FLTC price has slipped below the 50 and 200 day EMA indicates bearishness
- 3 Litecoin crypto price bounced back form its 3 months low placed at $61.04
Litecoin price prediction remains bullish for the long term and LTC price might retest $100 in the coming few months. However, for the short term, LTC crypto seems to be inside the bear grip and struggles to regain the bullish momentum. After, consecutive fall of 10 days, recently Litecoin price shot up 10% on the intraday basis and showed signs of trend reversal.
LTC price currently trading at $77.95 with an intraday gains of 2.22% and 24 hour volume to market cap ratio stood at 0.1584. At the beginning of Litecoin price formed a double bottom pattern and broke out of the neckline hurdle which showed the strength of the bulls. Moreover, LTC price had also managed to climb above the 50 day, 200 day EMA and displayed a golden crossover which turned the positional trend in the upward direction.
Litecoin price struggles to reclimb 200 day EMA
Litecoin price gained positive momentum and it rallied more than 30% in a short period of time. At the mid of February, Litecoin price attempted to break out of $100.00 level but unfortunately prices took a halt at $105.00 and reverted back in the downward direction. Therefore, $100 is still acting as a strong supply zone for the bulls.
Litecoin price consolidated for a few weeks in the narrow range between $90.00 to $100.00 and bulls tried their best to hold the higher levels. Sadly, LTC price broke the lower range and started collapsing down which triggered the panic selling and LTC hit low at 65.00.
Litecoin price has entered the oversold zone and luckily some responsive buying is visible from the demand zone at $60.00. However, the LTC price is trying to reclimb above the 200 day EMA to bring back the confidence of investors but till now they did not succeed. The technical indicators of LTC crypto like MACD had generated a negative crossover but the curve is tilting sideways indicating prices are expected to consolidate for some time. The Relative strength at 37 sloping upward denotes relief rally has begun.
Conclusion
Litecoin price prediction remains bullish for the long term but for the short term prices seems to be in the bear grip. LTC price had shown some relief rally from the demand zone but prices will gain momentum only above $90.00. The technical analysis of Litecoin crypto suggests that recent pullback is temporary and LTC may again witness selling from the supply zone.
Technical levels
Resistance levels : $90.00 and $105.00
Support levels : $61.00 and $50.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
