Litecoin's Potential Surge: Analysts' Perspective
Date: 2023-11-19 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Recovery and Long-Term Support
Litecoin has been on the rise since October 19, breaking both long and short-term resistance lines. However, the rally significantly slowed down on November 12. The question remains whether LTC can regain momentum and reach the $100 threshold.
The weekly chart displays LTC's price decline since June (marked by a red circle). Although it initially broke a long-term descending resistance line and the $105 resistance zone, subsequent declines called into question the bullish breakout, hinting that the growth might have been temporary.
The dip pushed the price down to $56, confirming the $60 area as a long-term support zone.
Since then, LTC has gradually climbed. October saw an acceleration in its upward movement, and last week, the price broke the trendline. Currently, Litecoin is testing it as support.
Analysts' Perspectives
Cryptocurrency traders on platform X generally hold optimistic views on Litecoin. SantoXBT predicts a year-end price between $150 to $200 for LTC.
Shan Belew also anticipates growth, considering the network undervalued. He stated, "Litecoin remains one of the best crypto networks with maximal price potential compared to its network value. If Bitcoin's next cycle peak is in December 2025, we have 24 months left."
Forecasting LTC: Consolidating the Breakthrough
The LTC daily chart indicates the potential for further long-term breakthroughs, supported by several factors.
Firstly, the price breached the short-term descending resistance line and rebounded above the $70 horizontal zone, previously a resistance point.
Secondly, the daily RSI formed a hidden bullish divergence (highlighted in green), signaling a potential trend continuation and validating the bullish breakthrough.
If Litecoin maintains its upward momentum, it could strengthen by another 30% and reach the Fibonacci level of 0.618 at $93.
Despite the bullish forecast, a close below the $70 support area might trigger a 17% drop to the nearest support level at $60.
