TL; DR breakdown
- The Litecoin price prediction expects an increase to $ 150.
- Strong resistance stands at $ 146.
- The strong support is at $ 138.
After the cryptocurrency market, Litecoin saw a downturn after seeing some upward momentum. The daily price movements of the cryptocurrency fluctuated strongly. Litecoin started the day hitting the 24-hour high of $ 155. However, the Litecoin price fell to the 24-hour low of $ 130. At the time of writing, Litecoin was valued at $ 143.
Of the 28 technical indicators, ten are neutral indicators, while buy and sell signals are nine each. Eight of the oscillators are neutral with two buy and one sell indicators. Of the moving averages, the buy and sell positions are each eight with a neutral display.
Litecoin Price Prediction: What To Expect?
Analyst Mamootino had previously identified a head-and-shoulders formation in his Litecoin price forecast. Litecoin’s head-and-shoulders (H&S) breakout has fueled its upward journey. According to the analyst, the cryptocurrency is underway to break a very strong level of resistance that has been unbroken since April 2018 – after the 2018 bull run. The resistance zone is between the USD 149 and USD 180 price range. Mamootino adds that if the cryptocurrency fails to break the resistance level now, it would try again after making corrections.
The analyst believes the failure to break the resistance will cause Litecoin to return to around $ 120 with strong corrections. However, Mamootino advocates that after the correction, Litecoin will resume its previous pace with new strength and break through the resistance level. The weekly closing of the candle will further clarify the path Litecoin will take, but the analyst is extremely hopeful for a break. Litecoin can be expected to hit its lunar goal.
Another analyst is also suggesting a long position for Litecoin as future predictions of the price development of the cryptocurrency are optimistic. Analyst Ayointeractive identified a trophy in his Litecoin price prediction and covered education. The bullish formation has a cutout at $ 154. The analyst believes that if Litecoin can break out of the formation, it can hit the previous price level of $ 180. If all goes well and Litecoin consolidates between $ 175 and $ 185, the analyst expects Litecoin to make another leg towards the $ 200 and $ 220 price range. The analyst continues to assume that this upward trend for the cryptocurrency will continue.
However, not all analysts are hoping for the future of Litecoin, and some predict a serious future for the cryptocurrency. Analyst Ikeben had identified the cryptocurrency in his Litecoin price forecast in a falling wedge formation. However, the recent breakout of the formation shows the strong bearish pressure on the cryptocurrency. According to the analyst, Litecoin has to hold the crucial $ 143.79 level.
Litecoin had approached the price level; However, an outbreak is not yet in sight. The analyst suggests that if Litecoin does not hold that price level, easing pressure may push the cryptocurrency to a price level of $ 109. The bearish analysis is also confirmed by another analyst, Home, who predicts that Litecoin will fall to $ 70.
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