- Litecoin crypto price struggled between 100 and 200-Day EMAs for the last few days.
- RSI is at 56 and is heading for the overbought zone.
- In terms of market capitalization, LTC ranks 20th in the cryptocurrency market.
Litecoin (LTC) is a cryptocurrency designed for fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin (BTC) protocol but differs in terms of the hashing algorithm used, hard cap, block transaction time, and a few other factors.
Since July 2023, the Litecoin crypto price has been in a bearish trend and has fallen by 38% till now. The price registered a 52-week low of $57.64 on September 11, 2023. Currently, the LTC price is defending the $60 hurdle suggesting that the buyers are back in the game.
Litecoin price has been consolidating for the past few months and is unable to sustain the $75 mark. Since December, the price of LTC has been in a bearish trend and declining by facing resistance from the falling trendline.
RSI is at 56.99 which has surpassed the RSI-Based moving average and heading toward the overbought zone indicating buying momentum. Litecoin price is trading below the 200-Day EMA which shows the presence of sellers and it will remain bearish below the moving average.
Litecoin Crypto Price Has Formed Symmetrical Triangle
Litecoin crypto price is trading at $70.94 with an intraday loss of 0.89%. The market capitalization of Litecoin is $5.26 Billion and the 24-hour trading volume is $236.78 Million with a fall of 20%.
On a daily time frame, the Litecoin price has formed a symmetrical triangle and is currently at the breakout zone. Every time, the price of LTC faces resistance from the 200-Day EMA and displays a short term bearish move.
LTC crypto price has faced resistance from the 200-Day moving average and declined by 1.99% intraday. If the price fails to sustain the 200-Day EMA, it may drop approximately 3% in the next few days.
If Litecoin crypto price breaks out, surpassing the 200-Day EMA from the symmetrical triangle and reaching $76, buying momentum can be expected and the price could rise to the $85 hurdle.
But, if the LTC price slips below $65 and sustains, sellers may become confident and the price may perform negatively. If the sellers hold the grip and the price fails to defend the $60 mark, it could register a 52-week low.
Litecoin Price Prediction FAQs
What is the LTC price prediction today?
The Litecoin crypto price is predicted to drop 1.29% to reach $70.60 by today.
What is the LTC price forecast for tomorrow?
Based on our technical analysis, the LTC price is forecasted to drop 1.66% to reach $69.43 by tomorrow.
What is the current LTC price sentiment?
The current Litecoin price prediction sentiment is neutral according to our analysis.
What is the LTC price prediction for this week?
According to our analysis, the LTC price is forecasted to consolidate between $68.26 to $73.20 by the end of this week.
Conclusion
Based on the current market trend and technical analysis, it is difficult to predict whether Litecoin will regain the $100 mark next month. However, the formation of a symmetrical triangle on the daily time frame suggests that a breakout is imminent, which can either lead to a bullish or bearish move.
Technical Levels
Resistance level: $75.40 & $84
Support level: $65.80 & $60.10
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.