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- 1 Litecoin price prediction is mildly bullish and suggests that it may go beyond the $100 mark.
- 2 LTC price is stuck in the range between the 50-day and 200-day EMAs.
- 3 Litecoin price is in the initial stage of a bullish trend reversal.
Litecoin price prediction suggests that the LTC coin may go beyond the $100 mark and reward its long-term investors. It has consolidated for a quite long time and formed a strong base. So, the price might show a sharp move anytime and expand the range upward.
LTC price is stuck between the 50-day and the 200-day EMAs. It shows that Litecoin lacks direction. The direction will be visible when buyers can push the price above both EMAs.
Recently, in the beginning of December buyers attempted to break out of the $80.00 hurdle. Sadly, the sellers were active and did not let the price sustain above the $80.00 level.
Litecoin price faced rejection and reverted back to the 50-day EMA. The trading volume is quite average which indicates the lack of participation of the big players.
If the price continues to decline and slips below $65.00 support, the bears may come forward and drag the price further down to YTD lows.
Currently, LTC price is trading at $72.20 with an intraday decline of 1%. The 24-hour volume to market cap stands at 7.32%, denoting liquidity is quite low.
Is Litecoin Price Getting Ready for a Massive Up Move?
Litecoin price had not performed well in the last few months and remained in the range. It has underperformed many other altcoins in terms of returns, which is disappointing for the existing investors.
The chart pattern says if the LTC price surpasses the $80.00 hurdle with a high volume, we might see a massive rally. The price may fly toward the $100 level if the breakout occurs. However, if the price faces rejection, the consolidation might continue for some more time.
LTC Price Need Fresh Buying
LTC price needs fresh buying to pick up the momentum and to bring back the confidence of the investors. The price is recovering steadily but reliable signs of breakout are yet not visible.
Therefore, the conservative investors must wait for the $80.00 breakout to build fresh longs. Aggressive traders, who can take the risk, can look to buy at current levels by limiting their losses to $65.00.
Conclusion
Litecoin price prediction suggests a rise in the short term but the price will gain momentum only after the $80 breakout. The analysis indicates that as long as the LTC price sustains above the $65 level, bulls will remain active and the probability of a breakout remains high.
Technical levels
- Resistance levels: $85.65 and $96.21
- Support levels: $65.01 and $57.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
