Litecoin (LTC) price fell below the critical support level on November 21, but later regained this level. According to experts’ technical analyses on a weekly timeframe, Litecoin’s price fell below a descending resistance trend line that has been in place since April 2021. During the drop in June 2022, the price retreated to as low as $40.
Shortly after this drop in Litecoin, an upward movement started, leading to the break of the trend line in June 2023. However, LTC could not sustain the rise and fell below the trend line again. Nonetheless, another upward movement in LTC’s price began in October, which led to the break of the trend line two weeks ago.
LTC price confirmed the trend line as support and initiated an upward movement last week. Market investors use the Relative Strength Index (RSI) to determine overbought or oversold conditions and to decide when to accumulate or sell an asset. Readings above 50 and a positive trend indicate that bulls still have the advantage, while readings below 50 suggest the opposite. The RSI is exactly at 50, indicating an uncertain trend.
Cryptocurrency investors and analysts are divided on LTC’s future price expectations. Expert SantoXBT believes that the price will reach the $150-200 level by the end of the year.
However, another cryptocurrency analyst, CryptoPoseidonn, does not share this view because, despite the crypto market moving upwards, the price has not shown strength. The analyst pointed out that LTC is weaker than Ethereum and has already pulled back from this month’s rise. Lastly, cryptocurrency analyst Shan Belew believes that Litecoin is on the rise due to fundamental reasons and noted that Litecoin performs over a million transactions daily, which is more than Bitcoin.
