Litecoin-LTC price stagnated, maintaining relative stability during the past 24 hours, despite the rise in the currency during the month of November. Some experts believe that LTC may have bottomed out and is poised to reclaim the $70 price, or it may go beyond that to $100.
The competition is currently raging between “bulls” and “bears” to control the direction of the market, and Litecoin is currently trading at $65.41 with a market value of $4.7 billion, making it the fourteenth rank among digital currencies in terms of market capitalization. It should be noted that this market value has decreased from the value of $ 11.33 billion achieved at the beginning of the year, when Litecoin was trading at a price of $ 163.
How did Litecoin price perform in 2022?
The general trend of Litecoin (LTC) price trading has maintained its downward trend since last January; The bear market in 2022 had a significant impact on LTC coin, causing its value to plummet to a low of around $40.00 in the month of June.
Despite LTC’s slight recovery following the crash of Terra (LUNA) coin, it struggled before it was able to recently breach the resistance at $65.00. The price of Litecoin, like many other currencies, fell after the collapse of the FTX platform.
After the decline witnessed by the Litecoin currency during the past periods, its price began to recover to rise above the $65 area, which allowed the “bulls” to push the price once again to rise to $80. On December 3, LTC reached a seven-month high of $84.96, depriving many reluctant investors from making profits.
Despite LTC’s impressive performance during NovemberHowever, it was unable to maintain that bullish trend after the US Federal Reserve raised interest rates by 0.5% on Wednesday of last week.
Litecoin Price Forecast: Will it hold the $65 support?
Based on the chart below, it appears that there is a bullish trend that might be building to drive the LTC price higher. This bullish move kicked off with LTC price bouncing higher from the support level at $40, and was followed by the first major breakout when the “bulls” managed to clear the resistance at $52 and break through the lower line of the trend.
Traders who have long positions just above this trend line may see their trades turn profitable at a potential sell point of $70, as we can see from the 200-day exponential moving average (EMA).
The second bullish confirmation for LTC price appeared when the price bounced from the same descending lower line to breach the middle trend line at $66.64 in November; This bullish momentum has continued until recently, but the pressure opposite to this upward movement has weakened that momentum..
Although many believe that it is too late now to buy Litecoin, the support level formed in the middle of the downtrend line may represent a suitable buying point; However, traders should wait for a confirmed break above the 100-day EMA (marked in blue) at $65.25.
It is worth noting that the famous analyst and cryptocurrency trader, AltcoinSherpa, has posted to his 187,800 Twitter followers that LTC may have reached a temporary price bottom; But he made it clear that the support it received at $65 was crucial to resume the bullish trend until it reached $70 at the very least.
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