LTC price prediction
In this article, we will explore the factors influencing Litecoin’s price, analyze its recent trends, and offer insights into LTC’s potential trajectory for the month ahead.
Litecoin (LTC) Price Analysis: Daily Timeframe
Source: tradingview
Litecoin (LTC) hit a new high of $115 in July 2023 after rallying from its 2022 low of $40.30. Since then, the price has crashed by over 40%, falling to around $64. LTC is resting on a one-year trendline; if that breaks, we might see Litecoin's (LTC) price revisiting the $40 low. Also, the Relative Strength Index (RSI) is presently oversold, which shows that the bearish momentum is strong, and we might see the price continue to trend lower.
Litecoin (LTC) Price Analysis: 4H Timeframe
Source: tradingview
The 4-hour time frame shows that Litecoin is making a series of lower lows, indicating a bearish momentum. However, the price is currently consolidating around the support level and resting on the trendline. Wait for the bullish momentum to kick in for a buying opportunity before deciding. Watch out for the break of the RSI level 50% upwards, which shows that the bullish strength is now more than the bearish strength.
If you are a futures trader and want to take advantage of the selling momentum, watch out for the break of the support around the $62 zone. Waiting for the retest of the broken support and bearish candlestick formation, such as a bearish engulfing, will be better to enter a short trade.
What’s Next For Litecoin’s Price? Short and Medium Term LTC Price Prediction
Source: tradingview
In the short term, Litecoin might rally to around the $80 mark to retest the recently broken support. A retest and close below this support signal a bearish continuation and can present a medium-term short opportunity. If this should happen, LTC might crash to around $40 if the support level of around $60 breaks.
Want more top-tier crypto market analysis?
Follow Us: X TikTok Instagram Telegram LinkedIn
Sign up to our newsletter at the bottom of the page
Check Out Our Top 10 Crypto Currencies of 2023
This article is intended for educational purposes and is not financial advice.
