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Litecoin (LTC) price fell below the critical support area on November 21, but since then, it has reclaimed this level. Technical analyses by experts on a weekly timeframe indicate that the Litecoin price fell below a declining resistance trend line that has been in place since April 2021. During the drop in June 2022, the price fell to as low as 40 dollars.
Litecoin’s Trend Line Break
Shortly thereafter, an upward movement began in Litecoin, leading to the break of the trend line in June 2023. However, LTC could not sustain the rise and fell below the trend line again. Nonetheless, another upward LTC price movement started in October, causing the break of the trend line two weeks prior.
LTC price confirmed the trend line as support and began an upward movement last week. Market investors use the Relative Strength Index (RSI), a momentum indicator, to identify overbought or oversold conditions and decide when to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that the bulls still have the advantage, while readings below 50 indicate the opposite. The RSI is exactly at 50, signaling an uncertain trend. Cryptocurrency investors and analysts at X are divided about the future price expectations of LTC. The expert name SantoXBT believes the price will continue to rise and reach 150-200 dollars by the end of the year.
Expert Opinion on LTC
However, another cryptocurrency analyst, CryptoPoseidonn, does not agree with this view because the price is not showing strength despite the rest of the crypto market moving upwards. The senior analyst stated the following in his comments:
There has only been a rise in the market for the last 2 months, but LTC didn’t even care. It’s weaker than Ethereum and has already pulled back from this month’s rise. It’s extremely wrong above 75, but I don’t want to see it retrace to 72; if it does, I’ll close the analysis.
Finally, cryptocurrency analyst Shan Belew thinks that Litecoin is on the rise for fundamental reasons. He noted that Litecoin is handling over a million transactions daily, which is more than Bitcoin.
