Litecoin Price Prediction: LTC Close to Crucial Support $47!

 Litecoin Price Prediction: LTC Close to Crucial Support $47!

Litecoin is amongst the older cryptocurrencies, but the failure of leading cryptocurrencies to hold their market value has impacted LTC. The support level for LTC is going to be challenged in the coming days, with the possibility of an even larger negative turnaround and creating a fresh low for 2022.

So far, LTC has maintained its position amongst the top 25 cryptocurrencies with the current rank of 22nd. The market capitalization of this token remains above $3,765,894,898, with 85% of its entire token supply available in the market. Despite the superior tokenomics compared to BTC, LTC is struggling to keep moving forward.

Litecoin token remained in a positive outlook and traded above its 100 EMA curve but failing to withhold its gains created a panic selling scenario. Losing significant value from September peaks brought LTC closer to its previous support level of $47. 


Litecoin price action has been mostly inclined towards consolidation, with 100 EMA becoming the biggest resistance for any upside potential of LTC. Only the MACD indicator on daily charts is about to cross the signal line soon, which may incite further upside movement.

But RSI is still reeling under the selling pressure and currently trading below the 45 mark, but is trying to move towards an upwards direction. In the event of LTC managing to create a positive breakout from its 100 EMA curve, we can expect a positive turnaround and a rally up to $75.

On a long-duration candlestick pattern of one week, the gains made in the first two weeks were engulfed by the negative price trend of the third week, which resulted in a huge decline. The following week after this decline has been silent, creating the ambient scenario for a breakout attempt.

Hyun Hill

Hyun Hill is a cryptocurrency technical analyst with over eight years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. He has managed numerous litecoin-related projects and is passionate about all things blockchain.

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