FXStreet analysts have maintained a bullish bias throughout the week regarding Litecoin’s price. The thesis identifies possible areas of resistance to stifle the LTC bulls as the price heads toward $100.
Investors have continued to reap positive returns from the Litecoin [LTC] price. The coin is now entirely in control of that $70 zone after a 16% surge since January 1. LTC prices rose by 3.5% on January 9, allowing bulls and bears to negotiate over the psychological $80 mark.
Yet investors wonder if it will bring greater returns.
In the next few months, analysts and industry experts predict LTC will double in value, but gains larger than that seem unlikely. Here is more on our LTC price prediction.
Litecoin (LTC) Market and Price Overview
|Price Change 24 hours||+7.1%|
|Price Change 7days||+6.54%|
|Circulating Supply||71,963,980 LTC|
Litecoin (LTC) currently ranks #11 of all cryptocurrencies based on its price of $83.33.
There has been a 2.94% increase in the price of Litecoin over the past 24 hours. Since the beginning of the week, Litecoin has steadily increased by 12.10%. The return on investment, which has been positive this week, has Litecoin investors excited.
You probably want to know where the price of Litecoin (LTC) may go in the future if you’re looking for a Litecoin market forecast, analysis, or price prediction. To predict future price movements, we use various machine-based algorithms. By January 19, 2023, we expect Litecoin (LTC) to drop by $2.27, reaching $81.91 according to our Litecoin price prediction.
We are currently seeing a Bullish sentiment based on our technical indicators, while the Fear & Greed Index is showing 30 (Fear). Over the last 30 days, Litecoin has recorded 16/30 green days (53%), with 7.80% price volatility. Litecoin is currently a good investment based on our Litecoin forecast.
Based on data from January 12, 2023, 25 technical analysis indicators show bullish signals, while 8 show bearish signals.
Does Investing in Litecoin Make Sense?
In the last 30 days, Litecoin has had 16/30 green days (53%). Based on our historical data, investing in Litecoin is currently profitable. While Litecoin’s price has decreased by -36.71% in the last year, the coin has performed well over the previous three years, with a performance of 67.25%.
Support levels for Litecoin are $81.47, $78.70, and $77.25, while Litecoin is likely the safest investment resistance levels are $85.68, $87.13, and $89.90. Price breaks from those levels could show higher volatility in the coming days.
Multiple technical and quantitative indicators show a neutral outlook for Litecoin in 2023. It could show that Litecoin is a good investment in 2023. However, it would help if you based the decision to buy Litecoin on technical and fundamental factors (price history and on-chain activity and development).
Litecoin is Likely the Safest Investment
A 13% increase last week has seen Litecoin break the $75 resistance a few days ago and maintain it successfully. LTC might surpass the $100 target again by August, but much depends on Bitcoin. Litecoin will be the first to follow suit if Bitcoin enters a bullish run.
Although it shares many features with Bitcoin, Litecoin runs on a different mining algorithm from its predecessor. Experts believe LTC will bounce back in 2023, especially since it is one of the few tokens that has reached $400 and brought huge gains.
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