|Key LTC resistance levels||$101, $120, $150|
|Key LTC support levels||$60, $50, $40|
*Price at the time of writing
Litecoin long-term price prediction: Bullish
2019 has been a positive year so far for most cryptocurrencies, and Litecoin is no exception. The coin’s value has skyrocketed by 185% since January 1, and this bullish reversal is significant on the daily MACD. The positive ride has since been reflecting above the zero level.
While respecting the purple trend line, Litecoin price surged above $40 and began to follow a new yellow line since February 8. This week, another heavy surge hit a new monthly high at $101 before closing on a long wick. Yesterday, the token closed the trade with a doji candle, signaling an indecisive market.
Today, the Litecoin market has seen a positive movement. If the price manages to close a bit below the last candle forming a bearish pin bar, we may experience a possible short move. The closest key support area is at $60, where the yellow line is positioned. Below the aforementioned support lies $50 and $40, touching the major trend line (purple). In case of a rebound, however, the next climb is likely to re-test the $101 resistance level. Currently, the daily Stochastic RSI is revealed at the highest level, signalling a correction.
Litecoin medium-term price prediction: Bullish
In the last three days of trading, the Litecoin market has seen a bullish surge all the way up to $100 before a slight drop to the $80 support yesterday. Now, a bounce up is aiming for $95 resistance. The 4-hour Stochastic RSI is leveled up at the oversold condition. A cross at the above resistance could fuel another bull-run, visiting resistance levels at $110 and $120.
On the other hand, a possible swing low is likely to retest the $80 support level. However, a drive through $80 could send LTC to the $70 and $60 support levels. There’s no clear signal for such move at the moment. For the bull side, $60 support acts as a strong demand level.
Before the recent surge in volatility LTCUSD trading has been subdued, moving sideways for the past month with low trading volume. The 4-hour MACD was aligned on the zero level before switching to the positive move which was revealed in the recent market surge. As of now, Litecoin’s structural outlook still appears bullish.
Litecoin short-term price prediction: Bullish
Observing the short-term chart, Litecoin saw a revealing upward move after remaining choppy for a long period. The actual picture is revealed on the hourly MACD. Since yesterday, LTC has been bottoming on the yellow trend line. A bounce up could meet a close resistance at $95 and $101. A significant breach on these resistances may further the price to a new high wave.
As suggested by the hourly Stochastic RSI, a potential fall is around the corner for the Litecoin market. Currently, the token is sitting on the yellow trend line. A possible break down is likely to quickly find a bottom at the $80 support level. A further drop would encounter support at the $70 and $60 levels. For now, the yellow trend line acts as a strong support level for the buyers.