Litecoin price prediction: LTC to retest $94 ahead, analyst
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TL:DR Breakdown
- Litecoin price prediction expects a further rise towards $94 high again.
- Litecoin is now past the $70 mark.
- Strong support is now found at the $69 mark.
- Bitcoin price movement improving is translating into new highs.
The Litecoin price prediction by DLavrov suggests that the cryptocurrency will move towards the $94 resistance again. The cryptocurrency trended upwards on the 28th of November. With the king Bitcoin moving above the $17000 mark, the altcoin market is returning as well.
1-Day Litecoin price analysis
After descending for two days, the cryptocurrency observed some ascending trend on the 28th of November. The price was seen closing at $74.94 US Dollars, which was also the day’s highest. The price fell to a day’s low of $65.35. The overall trend for the 24-hour trade was bullish.
Litecoin price prediction: Ascension towards $93.85 next?
The cryptocurrency has entered a trade for a long-position and it is expected to retest the $94 resistance that it previously tested on the 24th of November.
The entry-level for this trade was marked at $67.05, and the take profit was laid at $93.85. The stop-loss can be observed at $63.65. The cryptocurrency had approached the $65 support on the 27th of November, and the price is expected to retrace towards the upside. The Relative Strength Index (RSI) recently returned from the oversold zone, and an upward move is expected.
The Moving Average Convergence Divergence (MACD) line is moving above the signal line, and the histogram size is also increasing in the positive region. This means that the LTCUSD pair now has a bullish bias and the price will move upwards.
What to expect from the Litecoin price?
In the long-term, LTC appears to have concluded a big triangle pattern. The price is expected to break towards the upside and move to higher resistance levels from here.
The analyst believes that 2021 will be the year for LTC as the technical indicators show that the price will soon break towards the upside. The cryptocurrency has approached the upper boundary of the falling triangle. The cryptocurrency observed a similar breakout in 2017, after which it observed its uptrend towards the all-time-high. If the ascension repeats itself, the cryptocurrency will move inside a big up-channel and reach greater heights.
Will LTC break above the major up-channel?
Looking at Vince Prince’s chart we can see that the cryptocurrency is moving in a wave pattern inside an up-channel. The LTC price has bounced off the upper boundary and it has moved towards the midline. The price is expected to fall to the neckline that crosses the channel.
We can also see that the inverse head and shoulders pattern has allowed the cryptocurrency to break above some major resistances over the past few weeks. For now, the price has diverged towards the bottom of the channel where it will confirm major support before observing another bounce-off. The Exponential Moving Averages, along with the lower boundary of the channel and the descending trend line have formed a back-up-cluster. This support cluster will cause the price to bounce and move towards the upper part of the channel again.
The analyst expects the price to eventually reach the upper resistance of the setup, which lies at the $140.34 level.
