Long-term Litecoin Price Forecast: Bullish
As of the current writing, Litecoin's cryptocurrency value has dipped to a low of $73. Litecoin (LTC) is approaching the previous trading range of $58 to $70. The current upward momentum will likely continue if Litecoin retraces and establishes support above the $70 mark. Based on price indicators, there's a prediction that the altcoin may surge to as high as $86 or reach the level of the 2.0 Fibonacci extension. However, should Litecoin fall back below the $70 level, the market could revert to a range-bound pattern.
Analysis of Litecoin Indicators
The price bars have reclaimed positions above the moving average lines, signifying a return of bullish momentum for LTC. Prior to this price recovery, LTC was experiencing periods of trading both above and below the moving average lines, indicating a range-bound market. If price bars dip below the moving average lines again, it could suggest a resurgence of selling pressure.
What Lies Ahead for Litecoin?
Litecoin's upward trajectory could resume if it remains above the moving average lines. The cryptocurrency is likely to continue its uptrend if it maintains support above $70 and manages to break through the $75 resistance level. Currently, Litecoin's price appears to be testing below the $75 resistance.