TLDR Breakdown
- Litecoin price prediction expects another rise soon.
- The current movement expects a breakthrough to $78.
- A possible head and shoulder formation would allow LTC to jump.
The Litecoin price prediction by Ayo Interactive suggests that the price will rise towards the $100 mark next, once the cup and handle formation is completed. On the other hand, Litecoin is following Ripple into a possible head and shoulders formation, upon completion the altcoin is likely to break past the $78 mark.
1-Day Litecoin price analysis
The LTC price was observed at a day’s high of $77.18, while the lowest price for the day was marked at $68.61. At the time of writing, the altcoin stands at the $72.24 mark.
Litecoin price prediction: Where is LTC headed?
The altcoin is expected to see a price pump towards the $167 mark per the analysis provided below by the Trading View analyst Space Coin Monkey.
Looking at the chart above, we can see that the cryptocurrency formed a descending triangle pattern between 2013 and 2018. This descend was broken towards the upside in 2017 when the cryptocurrency started to trend up and moved to its all-time-high. The analyst highlighted a similar triangle pattern between 2017 and 2021. The analyst believes that the altcoin has recently broken towards the upside from this triangle.
Once the price volatility had decreased by a good margin and the cryptocurrency began to test the upper boundary of the triangle. The price broke towards the upside over the second week of November 2020, and the analyst expects the price to make a run for the $167.97 mark.
Litecoin price prediction: Rise to $100 ahead?
A cup and handle formation can be seen on the 1D time frame for the LTCUSD pair. The analyst believes that the cryptocurrency will rise towards the $100 mark to complete the pattern formation.
The cup started forming in February 2020, after which it gradually curved towards the downside and returned to the $68 mark to complete the cup formation. The price has been forming the handle ever since, for which the cryptocurrency entered the ascending channel in September. The price reached the $67 level and broke towards the upside of the ascending channel very recently. The analyst believes that this breakout will allow the price to further its uptrend and reach the $100 mark.
Where is Litecoin price headed?
The cryptocurrency has been descending along a falling trend line that started forming in June 2019. The price broke out of the trend line in June 2020, and the price has been in an overall uptrend ever since.
The analyst expects the price to test the $85.96 mark, and a break towards the upside is to come into play. The analyst believes that the price will move towards the $161.24 mark after moving above this first target price, which needs to be broken on the weekly time frame so that the market structure can confirm a shift. A drop in the price after the breakout from the first resistance will be a buying opportunity for the cryptocurrency until it hits the $161.24 level.
Litecoin to rise towards $136?
The chart below also depicts an uptrend for the LTCUSD pair on the weekly time frame. A descending triangle formation can be seen here.
The price broke above the descending triangle recently, and the analyst believes that the cryptocurrency will rise towards the $136.84 mark.
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