Litecoin Price Prediction: LTC stuck between tough resistance and support – Confluence Detector


  • Litecoin settles the dust between critical resistance and support following a 23% surge in two days.
  • The standoff between the bulls and the bears could end if LTC/USD closes the day above $73.8.

Litecoin has slowed down the uptrend that saw it outshine other major altcoins this week. As reported, the 23% spike hit a barrier at $77. A reversal saw LTC embrace critical support around $70 while its immediate upside is capped under $75.

Litecoin could hold in consolidation longer than expected

As discussed earlier, Litecoin tends to lead the altcoin rally in the market by rallying first. If history repeats, LTC might settle for consolidation before breaking out in massive price action, targeting $100.

The 4-hour chart shows the sixth-largest digital asset trading at $72.8 after a minor rejection from $74 (immediate resistance). Support at $70 is likely to sabotage the gradually building bearish momentum. The Relative Strength Index emphasizes the growing sellers’ grip as it dives toward the midline.

LTC/USD price chart

LTC/USD 4-hour chart

Note that the stalemate will be broken if Litecoin closes the day above $75. In the event the price soars towards the monthly high at $77, the $4.8-billion token may rally above $80.

According to the confluence detector tool, Litecoin is sitting on an area with immense support, precisely $73. Various indicators meet here, including the previous 15-minute chart low and the pivot point one-week resistance two.

On the upside, the most robust confluence resistance holds the position at $73.8. This region is home to the Bollinger Band 15-minutes middle curve, the SMA 10 4-hour, and the Fibonacci 61.8% one-day. Trading above this crucial level might ignite another bull-run above $80.

Litecoin will likely hold in the range between the confluences a longer before a breakout comes into the picture. Meanwhile, the most robust support lies at $72.8 and hosts the previous low 15-minutes and the second one-week resistance pivot point.

fxsoriginal

LTC/USD confluence chart

It is worth mentioning that closing below the accelerated trendline (broken line) may encourage more sellers to join the market. In doing so, Litecoin could flip the above support areas into resistance and explore the zone under $70. The 50 SMA on the 4-hour is to provide support and prevent losses to the main trendline (continuous line).

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bloodbath in the crypto markets as investors realize profits

The cryptocurrency market has painted red on Thursday during the European session as traders and investors have started taking profits. As discussed earlier in the day, a correction was around the corner, mainly due to the cryptocurrency fear and greed index at a record high.

More Cryptocurrencies News

Cardano Price Prediction: ADA must overcome a massive supply barrier to extend a recovery

Cardano (ADA) has climbed to the 8th position in the global cryptocurrency market rating. The coin hit $0.194, the highest level since July 2020, on November 24, before the correction started.

More Cardano News

Greed among cryptocurrency investors soars to the highest level ever recorded

The cryptocurrency market has been on a consistent and remarkable rally since the beginning of November. Most crypto assets are trading at levels not seen since 2017 and early 2018.

More Cryptocurrencies News

Bitcoin price shows four signs of a market top that may lead to a correction towards $13,000

Downside corrections are not something to be fearful of. They are an essential part of a bullish trend, and a sell-off always comes after a strong rally, just like the dusk always comes after the dawn.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast

BTC

ETH

XRP