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Litecoin (LTC) Price Recovery in Motion – Will Bulls Reclaim $80 Next?

3 mins
Updated by Ryan James
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In Brief

  • Litecoin's (LTC) price broke out from its range high on October 23. It reached a new 70-day high of $72.89 the next day.
  • The daily RSI and price action both support the continuing of the increase. Cryptocurrency analysts on X are also bullish.
  • Whether the price breaks out above $63.50 or falls down below the ascending support trendline can determine the trend.
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The Litecoin (LTC) price reached a 70-day high of $72.89 today, breaking out from its range high.

The price has returned to its range high and is validating it as support. Will it bounce again?

Litecoin Moves Above Range High

The daily timeframe technical analysis for Litecoin shows that the price broke down from an ascending support line on October 9.

After a bounce, the price validated it as resistance on October 16 (red icon) before falling again. Despite this bearish movement, the cryptocurrency reversed its trend on October 19.

On October 23, it moved above the previous ascending support trendline and the $58 resistance area, which had served as the range high since August.

Crypto investing, simplified. Get LTC price predictions here.

The LTC price reached a high of $72.89 today, the highest since August 16.

Litecoin (LTC) Price Movement
LTC/USDT Daily Chart. Source: TradingView

There is some interesting Litecoin news today. Litecoin long-term holders have bought significant amounts of LTC since October, causing the Holders Net-Inflows metric indicator to reach a two-year peak.

The Litecoin Foundation announced that it produced 999 silver 50-gram collectible cards with a Litecoin block reward. At present, the cards are selling for $840.

What Are the Analysts Saying?

Cryptocurrency analysts on X are predominantly bullish about the LTC price movement.

FuryMetaa stated that he believes a breakout from the range high will occur. Since the tweet, a breakout has occurred.

Similarly, SantoXBT and KongBTC have predicted a next leg up, with a potential future target of $92.

Will this target be reached?

LTC Price Prediction: Will Breakout Continue?

The daily RSI supports the continuing of the increase. With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true. The RSI is above 50 and increasing, both signs of a bullish trend.

Also, the indicator’s bullish divergence trendline (green line) is still intact, solidifying the validity of the breakout.

If the Litecoin price increase continues, the altcoin can reach the next resistance at $83, 21% above the current price.

LTC Price Prediction
LTC/USDT Daily Chart. Source: TradingView

Despite this bullish LTC price prediction, a close below the $68 horizontal area will invalidate the breakout.

In that case, a 14% drop to the closest support at $58 will likely be the future outlook.

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms in the US | February 2024

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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