Litecoin Price Prediction as LTC Spikes Up 2.9% – Here are Key Levels to Watch
The Litecoin price remains up by 2.5% in the past week, although a fall this morning to $65.81 means that it has lost 2.5% in the last 24 hours.
This current price also represents a 2.5% gain the last 30 days, with LTC having risen by 25% in the past 12 months.
2023 has been something of a mixed year for Litecoin, however, with the cryptocurrency's halving failing to have much of a positive effect on its price.
But with the token remaining oversold and undervalued, it could easily see gains in the next few weeks, particularly if the wider market continues to recover momentum.
Litecoin is currently at a pivotal position, in that it could go either way as far as its technical indicators are concerned.
Its relative strength index (purple) is hovering around 50, having failed to clear 60, implying that it may lack the momentum to move any higher and could fall back down to 40 or 30 soon enough.
At the same time, LTC's 30-day moving average (yellow) has straightened out and may begin rising towards its 200-day average (blue), something which would imply a rising price for the altcoin.
Yet the market's dip in the past 24 hours has disrupted this kind of movement, with the 30-day also capable of falling further.
As such, the ability of LTC's support level (green) to resist a drop below $65.50 will be vitally important in the next few hours.
If LTC can resist such a drop, it may begin rising again, yet a fall could precipitate a steeper selloff.
Whale activity can often provide a hint as to where a given cryptocurrency may end up next, yet it doesn't seem that larger traders have been doing much with LTC since the middle of September, when a couple of big LTC transfers were made to Binance.
In other words, a lack of whale interest could
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