|

What Litecoin price needs to do to rally back to $100

  • Litecoin price hovers just below a descending trend channel established in February 2022.
  • Litecoin price shows fewer transactions amidst the current uptrend move than the previous decline.
  • A breach above the $64 level could be the catalyst  to a rally targeting the 2000-week moving aveage at $100,

Litecoin price could make a run for the 200-week moving average at $100. Still traders should wait for more confirmation or be subject to a smart money trap.

Litecoin price is too early to call 

Litecoin price currently auctions at $60 as the crypto market is witnessing an applaudable rebound on Friday, September 9th. Litecoin price has reconquered a newfound supportive trend line that the bears briefly breached earlier in the week. The bulls have crossed both the 8-day exponential and $21-day simple moving averages, although the volume profile is still less than it was during the trendline breach. 

Litecoin price has a bullish scenario that should not be ruled out. If the Elliott Wave technicals are correct, the bulls could rally as high as $100 in the midterm without invalidating the broader bearish idea mentioned in previous outlooks. 

tm/ltc/9/30/22

LTC USDT

Still, the Litecoin price will need to breach the descending trend line currently positioned at $64 before a justified entry can be made. The alternative scenario could be that the current 14% rally since the trendline breach occurred earlier this week is just a sucker's rally meant to entice hopeful investors.

Thus traders' safest bet is to remain sidelined (missing out on the first 15% of the anticipated 60% rally targeting the 200-week moving average at $100) until the descending trend channel's breach is accomplished.

In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of interest in the market. -FXStreet Team

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.