Today, the digital currency space remained in the red as top coins bled. Several of the top digital assets have been dealing with the issue of volatility. Others have managed a steady recovery. King of cryptocurrency bitcoin has once more come up over the $12k mark. While a few came back in the red. Litecoin is one of the top digital assets to show great potential since the last consolidation. The Litecoin Halving is also coming up soon. Let’s see how Litecoin price performed and what the present Litecoin price prediction for the year is.
Litecoin Price Prediction: LTC Price Started the Day in the Correction Area Between $130 and $140
Litecoin price opened the day trading above the important support positions after the correction that started in the last week from the $130 and $140 consolidation resistance positions. LTC price also ascended to new highs as of June moving on to touch the $150 level on the upside. However, according to the LTC price data given by Coinbase, the issue of diminishing buying power along with rising selling pressure resulted in a gains-trimming exercise for the cryptocurrency.
There was an initial price drop for the digital currency below the 100 SMA Simple Moving Average) at $135. This price action gave the bears a boost as they succeeded in pushing Litecoin price below the $130 support position. Price declines for Litecoin further progressed under the $120 and $110 areas before it formed a low point at $107.
Litecoin Price Prediction: Litecoin Price Has Moved Over $130 This Month
While there has already been a price recovery for Litecoin, and the LTC price has stepped over $130 this July, the number five largest digital asset by market capitalization hasn’t been able to correct past the $140 position (which is the seller congestion area). Instead, the LTC/USD pair explored levels near the $110 support area once again.
Despite the price correction, Litecoin is still trading above an important pattern which is likely a key indicator that the digital currency is still in an upward trendline amid the volatility (up and down movements). At press time, the price of LTC $119. The 4 hour chart shows that $120 is the immediate resistance point while the 100 Simple Moving Average is currently at $129 set to prevent movements near the third resistance area at $130.
If LTC has to move out of the bearish price range, Litecoin price must find support between the $130 and $140 areas. This will be a move that will give the bulls a chance to focus on the $150 level in coming weeks. Technically, Litecoin price has the potential to stage a recovery especially when you consider that the Moving Average Convergence Divergence is crossing into the positive position.
Litecoin Price Prediction: Key Technical Indicators for LTC/USD
Litecoin price reportedly found its key support positions at $110, and $100 as well as between $70 to $80. It faced critical hurdles or resistance positions at $120, the 100 day EMA at $125 and the 100 day SMA at the $129, $130, and $140 positions.
The Moving Average Convergence Divergence is now in the positive region which is a key indicator of growth. LTC has the potential for growth in the near-term considering the Litecoin Halving coming up soon. Hence, it may even triple in value if this positive trend continues.