- Litecoin is in uptrend from past few days
- A decent chance for both short-term and long-term investors
Litecoin is trading around its 50 EMA (the blue line) and is in an uptrend at the moment. The coin is currently at its resistance level.
Litecoin on daily chart
The horizontal line on the chart shows that price resisted multiple times there and now the price has given a horizontal line breakout or which we can say a basic price action breakout. From these levels the coin is expected to move up to its next near resistance i.e. $117.22.
MACD – The MACD has crossed in a bullish direction. A bullish crossover occurs when the blue line of the MACD crosses the orange signal line upwards. The bullish crossover of the MACD on the daily chart of Litecoin indicates a positive trend. The histogram bar shown in MACD are turning light green which shows that bull are weakening but as soon as the price rises these bars will again turn dark green indicating that bulls are again strong.
Relative Strength Index (RSI) – The RSI curve has crossed the 50-point mark at 69.73, according to the relative strength index (RSI). The RSI curve’s overbought zone has been crossed, indicating bullish momentum. The value of the RSI curve has increased due to the increase in coin prices. The RSI curve may rise dramatically if the price rises further.
Analyst view and Expectations
Short-term and Long-term investors should look forward to investing because we may see a bullish trend in the coming days.Moroever a Golden crossover [when the 200 EMA is cut from below by the 50 EMA, signalling a buying opportunity] can also be seen on the chart which is a positive sign for the coin being bullish.
According to WalletInvestor’s 2023 LTC price forecast, the token would trade for an average price of $108 by the end of the year. By the end of 2025, LTC is expected to trade on average at a price of $105 according to WalletInvestor’s forecast.
In its litecoin price prediction for 2030, PricePrediction has a bullish outlook on LTC and estimates that the coin will trade on average for $1,451 at that time.
Last but not least, according to DigitalCoinPrice’s predictions, the average price of litecoin would increase to almost $400 in five years.
Technical Levels
Major resistance -$189.58
Major support -$43.07
Conclusion
It appears that Litecoin is trending upward. Opportunities exist for both short-term and long-term investors. There may be a bullish upswing in the upcoming days.
Disclaimer: The author’s opinions are shared in this article, along with those of anyone else who is discussed, but they are not meant to be taken as advice on money, investments, or other topics. When purchasing or trading cryptocurrencies, there is a danger that you could lose money.
Source: https://www.thecoinrepublic.com/2023/01/19/unlocking-the-potential-of-litecoin-a-technical-analysis/