Litecoin Price Prediction: LTC is only one bump away from hitting $100 – Confluence Detector


  • Litecoin majestically rises above $80 but hits a barrier at $85.
  • On-chain metrics reinforce the immense support under LTC.
  • A reversal above the confluence resistance and $85 may catapult LTC toward $100.

Litecoin recently soared to highs above $80 following a predicted breakout. The support at $70 held its ground, giving bulls ample time to plan a breakout above the descending wedge pattern. LTC/USD stepped above several critical levels, including the 200 Simple Moving Average, the 100 SMA, and 50 SMA.

Litecoin takes a hiatus above $80 amid the journey to $100

The bullish leg almost touched $85 but stalled. Litecoin has retreated towards $80 and seeking support at the 100 SMA. Settling above $80 is key to securing the bullish narrative to $100. Meanwhile, the cryptoasset is trading at $81.2 amid the bulls' push to resume the uptrend.

The impact of the wedge pattern breakout was significant to the price action towards $85. However, stepping above this hurdle would pave the way for gains to $100. It is essential to realize that expected seller congestion at $90 and $95 may delay recovery.

LTC/USD 4-hour chart

LTC/USD 4-hour chart

According to the confluence detector, Litecoin faces one critical hurdle at $82.3 before making the final approached to $100. The seller congestion has been highlighted by the Fibonacci 23.6% one-day. On the downside, support seems to have been established at $81.9, as shown by the one-hour previous low.

LTC/USD confluence levels

LTC/USD confluence levels

IntoTheBlock's IOMPA model reveals that Litecoin has a relatively smooth path towards $100. However, the selling pressure between $81.2 and $83.6 must be pushed in the rearview first. Here, nearly 57,000 addresses had recently purchased roughly 1.9 million LTC.

On the flip side, support for LTC has been reinforced by the IOMAP. Massive successive anchor zones keep the cryptoasset in position. The most robust buyer congestion runs from $75.9 to $78.4. Here, roughly 54,900 addresses previously purchased approximately 3 million LTC.

Litecoin IOMAP chart

Litecoin IOMAP chart

On the other hand, it worth mentioning that headwind might intensify if Litecoin fails to break above the confluence hurdle. Moreover, closing the day under the 100 SMA could trigger more sell orders, perhaps create enough volume to revisit the support at $70.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP