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Litecoin (LTC) continued its rallies as the bulls broke out of the previous high of $ 82. Initially, the LTC price was making a series of higher highs and lows.
Litecoin Long Term Price Prediction: Bullish
Furthermore, the upward movement was temporarily halted at the $ 84 high as the bears pushed LTC to the $ 80 support on November 22. However, after the correction, the bulls broke the $ 84 resistance to push the LTC rally to $ 90. On the upside, if buyers can push LTC above $ 90, the coin will rise above $ 100.
Perhaps, the bullish trend will resume. However, if buyers fail to regain upward momentum, LTC will be forced into a sideways move for a few days. This may be caused by the formation of a Doji candlestick in today’s candle formation. Today’s candlestick has a long wick. It indicates that there is strong selling pressure at higher levels. Similarly, on November 22, the $ 80 support held up due to the formation of a candle with a long tail. The long tail indicates that there is strong buying pressure at lower price levels. Simply put, the altcoin could be in a range of $ 80 to $ 90.
Analysis of the Litecoin indicator
The recent price hike broke through the resistance line of the ascending channel. Indicates that the coin will continue its upward movement. Cryptocurrency is also in a strong bullish moment. This is in consideration of the daily stochastic target price in the overbought region.
Key Resistance Levels: $ 80, $ 100, $ 120
Key Support Levels: $ 50, $ 40, $ 20
What’s the next move for Litecoin?
Currently, the LTC price has exceeded the expected price level of the Fibonacci tool analysis. The price action indicated that the coin rose to a high of $ 90. Meanwhile, the retraced candle body tested the 61.8% Fibonacci retracement level on October 31st. This retracement implies that Litecoin will rise and reach the 1.618 Fibonacci level. That is, the altcoin will reach a high of $ 70. Currently, the price action has exceeded this level.
Disclaimer. This analysis and prediction are the author’s personal opinions and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing the funds.
