- Litecoin price has been staging one of the best recoveries in the past couple of weeks, going all the way from $50 to near $80 levels as of writing.
- It has been recovering strongly on the back of positive technical indications, creating a higher high, higher low pattern on the charts.
LITECOIN PRICE PREDICTION TODAY
|LTC Price Prediction for Today||$73|
|14 Day RSI||58.6|
|Fear and Greed Index||48 (Neutral)|
Read more: Top Cryptos by Volume
Litecoin Technical Analysis
- As mentioned earlier, Litecoin has been one of the better and more consistent performers in the market right now.
- Litecoin price has been loitering around between $50-60 for a very long time, especially since the crash of May 2022 – post the Terra LUNA depegging fiasco.
- But ever since the beginning of November 2022, despite the FTX collapse earlier this month, LTC price has bottomed out at $50 and quickly recovered all the way to $80 before correcting slightly.
- LTC price has also seen a very positive golden crossover of the 50 and the 200 day moving averages, thanks to this recent rally.
- This rally has also helped LTC price break out of a crucial resistance level (marked in yellow) of about $63 – as we had mentioned in one of our earlier articles.
- Even the Relative Strength Index for this popular altcoin is on the positive side, currently running at about 58, which would be able to support further bullish action in Litecoin.
Additional read: Litecoin on-chain metric analysis
LITECOIN TECHNICAL ANALYSIS AT A GLANCE
Litecoin’s strong rebound has changed things for the better in this current iteration of the rally and here’s a snapshot of the technical analysis and projection for the short, mid and the long term of the coin.
The short term price action for Litecoin puts it at a healthy position with a strong pennant for a continued bullish action going forward.
|Mid-Term(1D)||On the daily front, as covered in detail above, things look very positive too and technicals seem to suggest that aggressive buying is underway in the coin.|
|Long-Term(1W)||On the weekly timeframe however, things look slightly less optimistic, which is primarily due to the long drawn bear market that we are currently experiencing right now. So, as we see further recovery in the shorter timeframes, we will see a change in the long-term prospects too.|
WILL LTC PRICE REACH $73 TODAY?
Litecoin price has been able to hold on to the $70 level for several days now, despite the ups and downs in the overall crypto market. That is a very strong sign that there is heavy buying happening, especially indicated by the higher high, higher low chart pattern that is clearly evident above. This is typically a very bullish indication that buyers are stronger in the market and they will be able to absorb all the selling pressures.
Thus, with that in mind, LTC price can easily be able to break past the $73 mark by the end of the day and maybe even reach the $80 mark again in the next couple of days. This is thanks to the strong support from the bullish golden crossover of the 50 and the 200 day moving averages and also a healthy RSI level on the technical front.
WILL LTC PRICE REACH $100 BY THE END OF THE MONTH?
With only two more days for November to officially end – Litecoin can quite possibly breach past the $100 level by the end of December 2022 – which also happens to be the end of 2022. This amounts to about 25% rally in LTC price over the course of the next month.
Also, as is evident from the chart above, the next significant level of resistance for LTC price from current levels is at $100 (trendline marked in black). $100 marks a psychological as well as a technical region of resistance for the altcoin as it was the level where the coin had taken support earlier in the year in March 2022 too, before the May 2022 crash happened.
LITECOIN PRICE PREDICTION: PRICE TREND COMPARISON WITH BITCOIN (BTC)
LITECOIN PRICE PREDICTION: 2022, 2023, 2024, 2025
|Year||LTC Price Forecast|
|2022||$95 to $100|
|2023||$130 to $140|
|2024||$200 to $220|
|2025||$300 to $350|
Read more: Litecoin Price Prediction 2022
Litecoin News Today
- Litecoin has been a wholehearted supporter of its proof of work (PoW) consensus mechanism and is still continuing to do so.
Proof of Work gives Litecoin:
Security – With a trillion dollars secured over more than eleven years, Litecoin's PoW blockchain is so expansive that the cost of the computing power needed to attack it would dwarf any amount earned.
— Litecoin (@litecoin) November 28, 2022
- Litecoin’s mining difficulty has also hit a new all time high, which could also explain the strong recovery on the charts.
— Litecoin (@litecoin) November 27, 2022
Prices as on 28 November, 2022.