litecoin price analysis prediction

After Litecoin saw a strong recovery at $40 in mid-2022, it further established support at $50 and recently pushed from $61 to continue bullish formation. The fresh rally could skyrocket the price to $100 soon.

Last month, Litecoin witnessed a deep correction after the price broke out of its structure occurred a month before. Interestingly, the asset has managed to bounce back and has resumed its bullishness above $61 at full speed.

The bounce was followed by a two-day pullback, which later buy-back and swung higher into the new year 2023. Today, Litecoin continued the positive actions and has shown a sign of strength over the past few hours.

Following yesterday’s price rejection, which provided a discount of around $74.5, the buyers showed interest again and pushed the price to a trading price of $76. The trend looks more bullish on the daily time frame.

Litecoin is surging for a higher price as it targets the psychological level of $80. Trading volume is a bit moderate at the moment compared to yesterday’s price surge. However, we can expect more positive actions to occur in the coming days.

Litecoin Price Analysis (LTCUSDT): Daily Chart

litecoin
Source: Tradingview

The past days of recovery have once more set a bullish tone for the twelve-largest crypto by market cap.

If the market can reclaim the psychological level mentioned above, the crucial resistance level to keep an eye on is $85, where it initiated a sell-off in the past month. A break above this aforementioned level should advance the price to $91.5 and perhaps to around $99 in no time.

Over the past 24 hours of trading, Litecoin has held the $74 level as support. A drop below it can trigger a pullback to around $67 before it can regain momentum. A deep correction could slip the price back to the recovery level of $61. There’s also support at $56 in case of a crash.

Key Resistance Levels: $80, $85, $91.5

Key Support Levels: $67, $61, $56

  • Spot Price: $76
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: rudenkotaras/123RF // Image Effects by Colorcinch

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

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