The Litecoin price forecast for the past few days shows that the price of Litecoin which had initially appeared to be falling off a cliff after its most recent rally turned and began a recovery again. The price of Litecoin currently stands at $74. 92 after the digital asset experienced a 7% drop the week before. As reported in Smartereum’s previous Litecoin news today, the Litecoin USD live price has been steadily growing since the month of March began. This growth led to a massive 40% gain in the price of Litecoin over the month of March.
After this it began to look like the digital asset was losing steam and crypto prices could begin to decline, now for our Litecoin news today, Smartereum understands that this week has ushered in another rally. This is the case for the price of Litecoin. The digital asset stood at $74.92 as of press time according to data given by CoinMarketCap. It appears the price of LTC has gained 1.6% in the last 24 hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction: The Price of Litecoin Remains Well Supported
According to the chart highlighting the movement of the LTC/USD pair the price of Litecoin climbed higher in recent sessions after forming support close to $65.00 against the USD. LTC eventually broke the $71.00 price position. It is currently trading in positive bias with the recent rally expected to hold in the short-term.
In the last two trading sessions, we can see that there was a solid comeback for XRP, BTC, ETH, EOS, and the price of Litecoin against the USD. Earlier, the LTC/USD pair created a strong support area near $65.00 and initiated a fresh price increase.
Litecoin Price Prediction: The Price of Litecoin Entered a Positive Zone After Breaking $68.00 and $70.00 Both Resistance Positions
From the chart, LTC’s price broke $68.00 and $70.00 both resistance positions to move into a positive region. The upward move stayed strong because of the close above $70.00 and the 100 hour SMA.
There was a new weekly high formed at $75.05 although the price corrected lower recently. The price of Litecoin broke the 23.6% Fibonacci retracement position from the last wave beginning at $65.02 to $75.05.
The $71.40 position acted as strong support when the price of Litecoin had not tested the 50% Fibonacci retracement level via the last wave from $65.02 to $75.05 before it eventually bounced back above $72.00 and $72.50.
Litecoin Price Prediction: The Price of Litecoin is Bullish in the Short-term
Additionally, there was also a break above key contracting triangle as well as a resistance close to $72.60 via the hourly chart of the pair. This development has opened doors for more gains for the digital asset above $74.00 and $75.00. The next significant resistance position for the price of Litecoin is near $80.00.
Overall, our Litecoin price prediction places LTC’s price in a bullish zone above $70.00 and $71.00. If there is a fresh dip, the bulls will defend $70.00 which is a support region. Looking at the upside, we can see an initial resistance near $74.00. However, the price of Litecoin must clear $75.00 to initiate a strong upward movement towards $80.00 in the short-term.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.