- Litecoin price predictions expecting a rise towards $100.
- LTC price hits $88 but unable to find support.
- Strong support is found at the $85 level.
The Litecoin price prediction by Trading Guru suggests a rise in the cryptocurrency’s price next. Per the analyst, the cryptocurrency will hit the $100 mark next. The price rose past the $85 level on the 21st of November with a spike in Bitcoin price.
1-Day Litecoin price analysis
While the crypto market majorly observed an uptrend on the 20th and the 21st of November, Litecoin is struggling to catch onto the bullish market momentum. The price spiked across the $88 level over the day’s trade. The highest recorded value for the cryptocurrency over the 24-hour trade was $88.55, whereas the lowest recorded value for Litecoin’s price was $80.06. The LTC price was observed at the $85.45 mark at the time of writing. The overall trend for the day’s trade was bullish.
Litecoin price prediction: Where is LTC headed?
Looking at Rocket Bomb’s chart, the cryptocurrency has seen multiple triangle patterns and two head and shoulder formations. Per the analyst, the cryptocurrency had recently broken above a very long descending trend line, and now it has moved above a rising wedge pattern.
Per the chart, the cryptocurrency has been in a buy zone that lies between $76 and $81. The analyst expects the cryptocurrency to rise towards the $101.27 mark, which is where the top of this trade lies.
The Relative Strength Index (RSI) is in the overbought region, and the break above this major trend line will allow the cryptocurrency to continue the uptrend until it hits the flat resistance zone near $101. The RSI indicator also shows small divergences before the cryptocurrency observed a price dip. The current surge in the price has not observed a dip, which means that the cryptocurrency may just be continuing the uptrend on the charts.
What to expect from the LTC price?
The price has recently broken above a long trend line, per the chart below. The cryptocurrency has been trading inside a huge ascending channel and it is currently near the lower boundary. The analyst believes that the price will see an uptrend ahead.
This is a long-term trade setup, and the cryptocurrency is expected to gradually move towards the midline of the huge up-channel. The first target for this long-term trade is marked at the $443.15 level. This is a wave pattern for the cryptocurrency, and the price should observe a pullback before breaking above the long midline and rising to the top of the setup. The upper boundary of the up-channel lies at the $9355.29 mark, which is the target price for this trade.
Litecoin price prediction: Rise to the $100 mark ahead?
Trading Guru expects the altcoin to rise towards the $100 mark next. The next horizontal resistance zone that originated in July 2019 is marked between the $97 and $100 marks.
The analyst believes that the cryptocurrency has observed a very strong breakout above a long up-channel, and the LTC price will now see a consolidation phase in the $84 to $97 range. Per the chart, if Litecoin holds above the $84 mark, the cryptocurrency will turn very bullish and see towards the $100 mark next.