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Home»Altcoins»Litecoin price forecasts indicate that the rally is far from over
Litecoin price prediction
Litecoin rally
Altcoins

Litecoin price forecasts indicate that the rally is far from over

Saheel KhirodkarBy Saheel KhirodkarDecember 6, 2022Updated:December 7, 2022No Comments3 Mins Read
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Litecoin price rally is far from over
  • The price of Litecoin against the US Dollar started to rise sharply above the $70 barrier. LTC is stabilizing at the moment and may look for more gains above $85.
  • In relation to the US Dollar, Litecoin started to rise sharply over the $65 and $70 levels.
  • On the 4-hour chart of the LTC/USD pair, a significant bullish trend line is forming, with support located close to $74.00. (Source: Kraken).

The bull run of Litecoin

The price of Litecoin began to steadily rise above the $60 mark versus the US dollar in recent days. In order to enter a bullish zone, LTC price was able to break through the $65 and $70 resistance levels.

The bulls outperformed both bitcoin and Ethereum by driving the price up above the $80 mark. However, sellers near the $85 zone found price challenges. Near $85.08, a high was created, and presently that price is consolidating gains.

The price of Litecoin is currently above $70 and the 100 simple moving average (4-hours). Below the 23.6% Fib retracement level of the upward movement from the $70.57 swing low to $85.08 high, there was a slight dip. On the LTC/USD pair’s 4-hours chart, a significant bullish trend line is also formed, with support located close to $74.00.

Source: Trading View

Near the $82.00 mark, there is immediate resistance on the upside. The $83.20 level represents the first significant obstacle. Near $85, there is the greatest resistance. The price may begin a sharp rise if there is a clear break over the $85 resistance. In the scenario given, it is expected that the price would rise more, possibly reaching $92 and $95 levels. Any further rises could push the price of LTC toward the $100 resistance level.

Dips in LTC?

If the Litecoin price fails to break through the $82.00 resistance level, a downside correction is possible. On the downside, initial support is near the $80 level.

Near the $77.80 level, the first major support is forming. The stated level is close to the 50% Fib retracement level of the upward move from the swing low of $70.57 to the high of $85.08. Any further losses could push the price down to the $74 support level in the coming sessions.

Indicators of functionality:

4-hour MACD – The MACD is gradually losing momentum in the bullish zone.

RSI (Relative Strength Index) for 4 hours – The LTC/USD RSI is currently above the 50 level.

Major Support Levels – $78.00, then $74.00.

$82.50 and $85.00 are the major resistance levels.

Litecoin Litecoin price Litecoin price prediction LTC LTCUSDT
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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