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Litecoin price prediction: LTC up 60% in eight weeks

 


The Litecoin course is in a strong bear trend. Nevertheless, the LTC price has risen by around 60% in the last few weeks.


Litecoin price hits bottom around $40 and climbs 60%

The Litecoin price had fallen very sharply in the last few months, but did not reach the support zone at around USD 38.66. Instead, the Litecoin price established a low point at USD 40.33, after which the LTC price was able to rise very strongly in the last few weeks. The LTC price was able to record a price increase of around 60%, but it is now encountering resistance at the trend line at around USD 64, where LTC was rejected in the previous month.


However, the MACD histogram is starting to tick bullishly higher this month. If it closes bullish, it would be an indication of an upcoming bull cycle. The MACD lines are still bearishly crossed and the RSI is neutral.


Will the LTC price break out bullishly?

The weekly chart gives mixed signals. A death cross of the EMAs has now established itself, which confirms the bearish trend in the medium term. On the other hand, the MACD histogram has been ticking bullishly higher for weeks and the MACD lines are also crossed bullishly. The RSI is also neutral here. As it looks very bullish off the death cross in the medium term, the death cross could be negated on a bullish breakout.


If the LTC price breaks the trend line in a bullish manner, the next significant Fibonacci resistances are waiting at around USD 80 and USD 105. In addition, the 50-week and 200-week EMA meet at the golden ratio at around USD 105, which act as additional resistance.


Is the Litecoin price correcting now?

In the short term, however, the Litecoin course could still correct itself, because if LTC forms a red candle today, a lower high point would be established. Then, LTC finds significant support at the 50-day EMA around $58.3 and at the Fibonacci levels around $55.3 and $50.


The MACD histogram is ticking bullishly higher and the MACD lines are bullishly crossed. In addition, the LTC price established a series of higher lows, which is also bullish. If the LTC price corrects to the 50-day EMA, the series will resume.


A correction to the 0.382 Fib level at around USD 55.3 implies a break in the series.


Golden crossover on the 4H chart confirms the trend bullish in the short term

There is a golden crossover in the 4H chart, which confirms the short-term bullish trend. However, the MACD indicates a correction in the short term, because the histogram is ticking bearishly lower and the MACD lines could cross bearishly.


Against BTC, the LTC price is floating between the 50-day and 200-day EMA

The LTC price rose by around 65% against BTC. The 200-day EMA has been an insurmountable obstacle for the past few weeks, while the 50-week EMA has served as an unbroken support for the past few weeks.


In addition, the MACD in the daily chart is clearly bullish, because the MACD lines are bullishly crossed and the histogram is ticking bullishly higher.


Litecoin price trend is extremely bearish against BTC

Litecoin has been in a downtrend against BTC for years. The 50-week EMA acts as a key resistance, which has only been broken once since the start of 2019, after which Litecoin price immediately bounced back below the 50-week EMA without reaching the 200-week EMA.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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