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Analysis

Litecoin price prediction – Here’s what a move to $82 and beyond depends on

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A move above this key retracement level would be necessary to usher in a long-term uptrend.
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Litecoin price prediction - Here's what a move to $82 and beyond depends on
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  • Bullish momentum and buying pressure suggested that Litecoin is likely to climb towards $74 and beyond
  • A move beyond $82 would suggest that a long-term uptrend is possible

Litecoin [LTC] traded within a range between the $60 and $74.9 levels. Over the past two weeks, the bulls have made a valiant effort to drive prices past the Point of Control (POC) and keep them there.

With momentum and volume in favor of the buyers, at press time, it seemed likely that the move could reach higher. Here’s where traders could look to take profits, and where a long-term uptrend might establish itself.

Volume profile range highs and Fibonacci level have confluence

Litecoin 1-day Chart

Source: LTC/USDT on TradingView

The Fixed Range Volume Profile revealed that the POC was at $65.5. Since August, Litecoin has crossed this level multiple times, but the bulls have been relatively stronger over the past month. The MFI highlighted bullish momentum and buying pressure, but was not near overbought conditions yet.

The FRVP’s high was at $74.9, just above the 50% Fibonacci retracement at $73.25. LTC bulls could take a while to clear these resistance levels due to their importance in recent months.

The downtrend of Litecoin since May means that a move beyond $82.6, the 78.6% retracement level, would be necessary to usher in a long-term uptrend.

Is Litecoin about to face reversal?

Litecoin Liquidation Heatmap

Source: Coinglass

The 3-month liquidation heatmap showed that the $71.7-$72.8 region has been an important liquidity pocket. However, in the past 24 hours of trading, while LTC climbed to $73.07, it fell to $71 once again.

Read Litecoin’s [LTC] Price Prediction 2024-25

This liquidity cluster extends to $75, but is less dense. Therefore, a price move beyond $75 would be the first sign that there is a strong likelihood of a breakout past $82. Especially as it would indicate bullish strength.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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