29.5 C
New York

Litecoin price prediction: LTC to hit $94 again, analyst


TL:DR Breadown

  • LTC price to retest $94 per analyst.
  • The cryptocurrency is going past an important triangle pattern.
  • Breakout from $94 will determine altcoin’s next move.

The Litecoin price prediction by Solldy has depicted that the altcoin’s price will retest the $94 resistance. The cryptocurrency rose to the $94 mark on the 24th of November.

1-Day Litecoin price analysis

LTC has been observing gradual growth over its charts as the crypto market continues to rise. If we look at the XRP price, the altcoin turned bullish and observed abrupt price increases daily while following the BTC bulls. LTC, however, has been treading gradually with lesser room for pullbacks. The price reached the $94 resistance on the 24th of November, and it still appears bullish as it trades between the $88 to $94 region.

The LTC price was observed at $89.38 at writing time, and the cryptocurrency approached a day’s high of $94.00 over the 24-hour trade. For its lowest, the cryptocurrency descended to the $81.06 mark at the very start of the 23rd of November. The 23rd and 24th of November’s overall trend has been played bullish by the LTCUSD trading pair.

Litecoin price prediction: Retest of the $94 level?

The cryptocurrency has been riding the $83.42 resistance-turned-support since the 19th of September, and the analyst believes that the cryptocurrency will rise towards the $94 resistance next.

Litecoin price chart 2 - 23 November
Litecoin price prediction chart by Solldy

Per Solldy’s opinion, the cryptocurrency has bounced off the flat support at $83.42, and the strong resistance line that originated in September 2020 added to the price growth for LTC. This is a long trade opportunity for LTC, and the price is expected to retest the $94 and perhaps break above it to reach the resistance line that originated in August 2018. This rising resistance is moving towards $100. If Litecoin breaks above the $94 mark and confirms support there, the price will continue to rise on the charts.

Will Litecoin see towards a continued uptrend?

Looking at the chart below, we can see that the cryptocurrency has broken above a long descending triangle, and not it will follow a series of short-term targets until it finally hits the $2600 long-term target, per the analyst.

The cryptocurrency has been traveling inside the descending triangle ever since it hit the all-time-high. The triangle is placed inside a huge up-channel that the analyst believes will lead the cryptocurrency to the $2600 mark. The price had broken above the triangle in the second week of November, and now it moves towards the first short-term target at $134. The Relative Strength Index (RSI) is also in the overbought region.

What to expect from LTC?

The Trading View analyst Leo Rabei believes that the LTC price will fall bearish and move towards the rising support level marked in blue. This is a short-term trade opportunity with the entry-level at $88.603.

Per the chart above, the LTC price has hit a strong rising resistance, and it will now see a pullback towards the rising support. The take profit for this trade was marked at $70.357, and the stop-loss was placed at $92.44.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Related articles


Recent articles