The Litecoin Breakout
Since October 19, the price of Litecoin (LTC) has been on the rise, breaking out from both long- and short-term descending resistance trend lines. However, the increase has slowed down since November 12, leaving many wondering if LTC will regain its momentum and continue its upward trajectory.
Litecoin Reclaims Lost Long-Term Support
Technical analysis of LTC on the weekly time frame shows a decline in price since June, with the breakout from a long-term descending resistance trend line and $105 horizontal resistance area not holding. This led to a low of $56 in August, confirming the $60 area as long-term support. Since then, LTC has steadily increased and is now in the process of validating the trend line as support once more.
What Are Analysts Saying?
Cryptocurrency traders are largely optimistic about Litecoin’s future. SantoXBT predicts a price of $150-$200 by year-end, while Shan Belew believes that Litecoin is undervalued and has significant potential for growth. ChrisOnCrypto also sees LTC as undervalued based on its fundamentals and anticipates explosive growth by January.
LTC Price Prediction: Can Price Maintain Its Breakout?
The daily time frame for LTC supports the continuation of its long-term breakout. The price broke out from a short-term descending resistance trend line and reclaimed the $70 horizontal area. Additionally, the daily RSI has generated a hidden bullish divergence, signaling potential for further upward movement. If LTC continues to rise, it could reach the 0.618 Fib retracement resistance level at $93.
Hot Take: Litecoin’s Future
While the outlook for Litecoin appears positive with bullish predictions from analysts and technical indicators supporting a continued uptrend, it’s essential to monitor key support levels to avoid potential downward reversals.
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