The Litecoin (LTC) Price on the Rise
Since October 19, the price of Litecoin (LTC) has been steadily climbing and reached a high of $75.18 on Thursday. It has been trading within a long-term range for almost a year, prompting the question of whether it will reach the top of the range.
Litecoin Trades in the Middle of Range
On the weekly time frame, technical analysis shows that the LTC price has been moving between $60 and $100 since November 2022. While it briefly went above this range in July 2023, it quickly dropped back below. However, it bounced back and currently trades close to the middle of this range.
The Relative Strength Index (RSI) is at an undetermined trend, sitting right at the 50 line, indicating uncertain momentum.
LTC Price Prediction: Can $100 Be Reached?
Looking at daily time frame analysis, there is a bullish outlook for LTC due to its price action and RSI. The price broke out from a descending resistance trend line on Sept. 29 and validated that trend line as support before accelerating its rate of increase. The daily RSI also supports this bullish trend as it’s above 50 and increasing.
Cryptocurrency traders on X (formerly Twitter) are also bullish about LTC’s potential to reach $80 soon due to these recent developments.
Hot Take: The Future of Litecoin
With the LTC price continuing to increase, the next resistance will be at $93, which is 25% above its current price. However, a close below the $70 horizontal area will invalidate the breakout and could lead to a 20% drop to the $60 support level.
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