Litecoin price prediction: LTC set to reach $74

TL:DR breakdown 

  • LTC is set to reach $74.
  • At 18:00 pm GMT the time of writing this piece LTC was $73.5.
  • There has been major bullish action in November.

Litecoin price prediction: current price/trend

At the time of writing at 18:00 pm GMT Litecoin price was at $73.5, suggesting it was on its way to reaching $74. The opening price at the start of the day was $69.32, so LTC/USD has seen a lot of bearish action since it opened.

It is clear that $74 is in sight for LTC but let’s take a closer look at the day’s happenings.

Litecoin Price Prediction: 1-day overview

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Looking at the graph, by 9:00 am GMT, the high price of LTC was $69.7, but by 17:00 pm GMT, LTC had experienced bullish action to get to the high price of $73.14. The bullish momentum is evident as there are many long green candles between 9:00 am GMT to 17:00 pm GMT.

The times described previously followed an encouraging 29-degree trend line. The Moving Average Convergence Divergence ( MACD ) demonstrates how there was a change throughout the day from bearish to bullish momentum.

From when LTC opened till 12:00 pm GMT, the MACD was red but thinning with time which indicated how bearish action was reducing.

From 12:00 pm GMT, things started looking up for Litecoin as the MACD showed constant bullish movement from that time. LTC looks like it’s on its way to reaching $74. The one-hour overview should prove this to be true or untrue.

 Litecoin Price Prediction: 1-hour overview 

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The Bollinger Bands ( BBs) point to how the coin is set to thrive as the candles are positioned above the expected price level. Now is an excellent time to sell LTC. The MACD density has gone from 0.812 to 0.845, suggesting an increase in bullish action overall.

LTC is on track to reach $74 but looking at the one-month chart will provide further clarification.

Litecoin Price Prediction: 1-month overview 

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The one month chart shows us how there has been mostly bullish action throughout the month. After LTC reaches the resistance level of $95.82, we see that the coin begins to take a turn for the worst.

When you peer into the action, it is evident that today Litecoin is back in gear as bullish action has begun to emerge, steering the coin to $74. Events triggered the rotation between bullish and bearish that LTC experienced.

Litecoin Price Prediction: recent news

In September, the bullish momentum could have occurred because LTC launched a game that uses Litecoin blockchain and requires the players to use their LTC coins. The pandemic has meant that more people have turned to game platforms when stuck at home.

The bearish toll was standard amongst most cryptocurrencies because Trump announced last week he would evaluate crypto regulation. Investors are skeptical.

The new bullish momentum is likely inspired by Binance, who on Wednesday decided to offer options contracts for LTC. Options contracts mean that traders can buy or sell LTC at a predetermined price and date.

Glimpsing at the one-year overview will confirm if the goods news has set LTC up to reach $74.

Litecoin Price Prediction: 1-year overview 

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Peaking at the graph, it is evident that there were two encouraging resistance levels in the year. The first resistance level occurred in late February this year, and it was a high $84.

The second resistance level occurred this month, and it was an even higher $95.82. It is likely LTC will continue demonstrating bullish action as it has increased beautifully overall despite the pitfalls.

Looking at the BBs, no one point stands out as, throughout the year, the candles were mostly above the midpoint and LTC was exceeding expectations.

The MACD oscillates between red and green. The MACD is dense green for November, indicating there has been bullish action like no other, which led to the new resistance level.

LTC seems to be pushing up to $74.

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