The Litecoin (LTC) worth has been trending downward since reaching a excessive of $80 on December 9.
Whereas the Litecoin worth has additionally elevated since August 17, it’s buying and selling inside a corrective sample.
Litecoin Creates Bearish Candlestick
The weekly timeframe technical evaluation exhibits that the LTC worth has fallen beneath a descending resistance pattern line since April 2021.
LTC initially moved above this pattern line in June 2023 however didn’t maintain the upward motion, making a deviation (purple circle) and subsequent lower.
After the lower, the LTC worth broke out from the pattern line once more in October (inexperienced icon) however didn’t maintain the upward motion. Litecoin created a bearish engulfing candlestick final week.
The RSI is a momentum indicator merchants use to judge whether or not a market is overbought or oversold and whether or not to build up or promote an asset.
Readings above 50 and an upward pattern counsel that bulls nonetheless have a bonus, whereas readings under 50 point out the other.
The present RSI studying of fifty is an indication of an undetermined pattern.
Learn extra: 7 Greatest Litecoin (LTC) Wallets for 2023
What Are Analysts Saying?
Cryptocurrency merchants and analysts on X are bullish for the long run LTC worth pattern.
World Of Charts believes the value will enhance to $300 after breaking out of its long-term sample.
Joao Devesa has a similarly bullish outlook, although he believes the LTC worth will outperform BTC. He tweeted:
My predictions for the #Litecoin worth within the coming months . conservative goal 0.0125 and 100k Bitcoin: $LTC = $1250 . aggressive goal 0.025 and 250k Bitcoin: #LTC = $6250 That is the place Litecoin worth ought to land within the subsequent bull run
Learn extra: How To Purchase Litecoin (LTC) in 4 Straightforward Steps
LTC Worth Prediction: Correction Incoming?
The each day timeframe provides a bearish LTC studying. Whereas the value has elevated since August 17, the value motion has been contained inside an ascending parallel channel.
Such channels usually include corrective actions, that means an eventual breakdown is probably going. The truth that the LTC worth was rejected by the 0.382 Fib retracement resistance (purple icon) on December 9 and trades under the channel’s midline helps this chance.
Moreover, the each day RSI provides a bearish studying. The indicator broke down from its ascending help pattern line (inexperienced) and is now above 50. Each are thought of indicators of a bearish pattern.
If the LTC worth breaks down from the channel, it will probably lower by 20% to the closest help at $58.
Regardless of this bearish LTC worth prediction, a breakout from the channel can set off a 30% enhance to the 0.618 Fib retracement resistance degree at $92.
Learn Extra: Prime 9 Telegram Channels for Crypto Alerts in 2023
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Disclaimer
In keeping with the Belief Undertaking pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to vary with out discover. At all times conduct your personal analysis and seek the advice of with an expert earlier than making any monetary choices. Please notice that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.