Today’s Litecoin price is up by less than a percentage point. Despite the small gains in the market, the gain resumes a long-term trend. This is after its recent struggle in the markets that had seen its prices plummet by 20 per cent in less than two weeks.
Part of the reason we saw such a huge drop in Litecoin is due to the current bearish trend of the cryptocurrency industry. For instance, Bitcoin, which is positively correlated with Litecoin, is down by 8 per cent. With the industry and other cryptocurrencies being in a bear market, altcoins such as Litecoin have also been dragged down, causing the recent plunge of most projects.
Litecoin price Prediction
In today’s trading session, Litecoin is up by less than a percentage point. The price gain is a resumption of a bullish trend which started five days ago but lost steam on Tuesday when the markets closed with a price drop of $0.24 and again continued the in yesterday’s session with a price drop of a percentage point.
Looking at the chart below, the larger trend has also been bullish, whereby, Litecoin has traded within an ascending channel for more than two months. Recently, the Litecoin price touched the lower trend line of the ascending channel. The result was a strong price bounce from the trend line, which set up the current bullish trend.
Therefore, based on the recent price action, my Litecoin price prediction expects the prices to continue going up. There is a high likelihood that we might see the prices trading above the $60 resistance level. Based on the current bullish momentum, there is also a high likelihood that we may see Litecoin surging and hitting the $65 resistance level, which is the next long-term level that was last hit on August 14. However, should the price fall below $54 price level, then my bullish analysis will be invalidated.
Litecoin Daily Chart
