Bitcoin price experienced a sharp decline on Friday and Saturday, dropping to $60,660. However, this did not last long. Although it has not yet reclaimed the safe zone, the king cryptocurrency is now above $66,000. The recent drop was shocking for altcoins but provided a quick profit opportunity for investors evaluating the bottom. So, what are the current predictions for Litecoin (LTC)?
Litecoin (LTC) Commentary
Litecoin’s price, after its local peak of $113, dropped by 37.3%. Now that BTC has rebounded, the price has reclaimed the key region, falling below the main support level of $80. As of the writing of this article, the LTC price has increased by 3% to $81. Additionally, a MACD bullish crossover has formed, indicating that the recovery could continue.
The first resistance is at $89.4, coinciding with the 50-day EMA. After overcoming this area, LTC bulls will need to surpass the main resistance at $97. Currently, with the RSI lingering in the neutral zone, it is difficult to speak of a significantly strong buying demand.
LTC Price Prediction
It may still be some time before we see the end of the correction and the continuation of the uptrend for LTC prices. When the bulls move for new peaks, the main resistance at $97 must be breached, and the price should aim robustly for $140. However, in the opposite scenario, losing the key region of $80 could trigger a sharp decline by the bears.
In a downturn scenario, losing the main support at $80 could lead to LTC prices dropping to $67.5 and $63. The outlook for LTC in BTC parity is also crucial. Here too, LTC bulls are showing potential return signals, particularly as MACD lines on the weekly chart indicate an upward trend, and RSI points to a bullish divergence. The recovery against BTC could start soon.
If LTC turns upward and the signals find support, resistance levels between 0.001716 BTC and 0.00215 BTC could be targeted. Additionally, the 50-week EMA at 0.00204 BTC serves as a strong resistance. Reaching the target of 0.00215 BTC from the current price could push LTC’s price to $134.
