How will the price of Litecoin (LTC) close in December?
After reaching a high of $80 on December 9, the price of Litecoin (LTC) is trending lower.
Since August 17, the price of Litecoin has increased, but it is trading in a correction pattern.
Litecoin creates a bearish candlestick
The weekly timeframe technical analysis shows that the LTC price has fallen below the downtrend line of resistance since April 2021.
LTC first moved above this trendline in June 2023 but failed to sustain the upward move, creating a divergence (red circle) and subsequent decline.
After the decline, LTC price broke out of the trendline again in October (green icon), but failed to sustain the upward movement. Litecoin formed a bearish engulfing candle last week.
RSI is a momentum indicator that traders use to determine whether the market is overbought or oversold.
A reading above 50 and an upward trend indicates that the bulls are still in advantage, while a reading below 50 indicates the opposite.
The current RSI reading of 50 is an indeterminate trend signal.
Read more: 7 Best Litecoin (LTC) Wallets for 2023
What are the analysts saying?
Cryptocurrency traders and analysts at X are bullish on the future LTC price trend.
World of Charts believes the price will rise to $300 after breaking out of its long-term pattern.
Joao Devesa believes that the value of LTC will surpass BTC, but he has an equally bullish view. They tweeted.
My prediction for #Litecoin price in the coming months. Conservative target 0.0125 and 100k Bitcoin: $LTC = $1250 Aggressive target 0.025 and 250k Bitcoin: #LTC = $6250 This is where the price of Litecoin will rest during the next bull run.
Read more: How to buy Litecoin (LTC) in 4 easy steps
LTC Price Prediction: Corrective Income?
The daily time frame gives a weak LTC reading. While the price has risen since August 17, the price action is contained in an ascending parallel channel.
Such channels often contain corrective movements, which means that eventual degradation may occur. The fact that LTC price rejected the 0.382 Fib retracement resistance (red icon) on December 9 and traded below the midline of the channel supports this possibility.
Additionally, it provides a daily RSI reading. The indicator broke from the ascending support line (green) and is now above 50. Both are considered signs of a dozing trend.
If the price of LTC breaks out of the channel, it may drop by 20% to the nearest support at $58.
Although this is a LTC price forecast, a break out of the channel could add a 30% increase to the 0.618 Fib retracement resistance level at $92.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
