Our Litecoin price prediction has flipped bullish for at least the short term as the coin has shown remarkable recovery. LTC price has been surging since this week’s FOMC meeting and is now trading at $62.90. After facing rejection from the $61.80 level, the price pulled back to $51.96. However, the dip was bought by the swing traders, and now the coin has made new highs in the 4H timeframe.
The crypto market turned green on Wednesday as the US FED announced a rate hike of 75 basis points. The market’s response suggested that the recent rate hike was already priced in. Nevertheless, many analysts are not confident in a V-shaped price recovery in Litecoin. Nevertheless, due to a sudden change in market structure, Litecoin’s price prediction seems to be bullish on the lower time frame.
According to Litecoin news, Litecoin Summit 2022 is going to be held in Las Vegas on October 21 & 22. The project has announced participation from many notable speakers on the official LTC Twitter. In addition, the ASIC manufacturer Lokotech will be the Gold Sponsor of this event.
Litecoin Price Prediction
Technical analysis of the LTC price chart depicts a breakout of the symmetrical wedge pattern. The coin tagged the high of $61.80 after the breakout before having a 15% correction. However, the coin appears to have shrugged off the 75 basis points hike as it has broken above the Monday high.
At the time of writing, the price is facing some resistance from the Fib golden pocket at the 0.618-0.65 region. Therefore, Litecoin’s price prediction of $75 might be validated very soon in case of reclaiming this level. However, due to increased market volatility, the stop loss must be kept below the Monday high of $58.98. Furthermore, if you’re entering any altcoin position, you must also keep an eye on Bitcoin price action considering the correlation.