LTC Price Prediction: Litecoin Poised for Bullish Rebound
Litecoin gained around +96% during 2023 after losing about -72% in the previous year. The start of 2024 is bumpy, with the first week of losing and the next weeks of recovery. Currently, prices have reached a decisive point, where chances of upward potential are higher.
According to this LTC Price Prediction, the SMA Cross and an imminent breakout above the descending triangle pattern could spark a bullish recovery.
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Litecoin’s 2023 Milestone Sparks Recovery
In 2023, Litecoin hit some major goals. The number of transactions surged by a whopping 71%, indicating more people were using it.
The hashrate, a measure of network security, reached an all-time high at 1.06 PH/s, signalling increased protection from potential issues. Litecoin also teamed up with payment processors, boosting transactions by 35% and 39%.
Another highlight was hitting a record 9.3 million addresses with a balance, showcasing the expanding user base and growing interest in Litecoin as a digital asset.
These achievements demonstrate Litecoin’s practicality and the rising popularity of using it as a form of digital money.
See related: $SUI crypto forecast
While LTC enjoyed a notable recovery in 2023, the start of 2024 looks even more promising. In just the first 2 weeks of the New Year, the Litecoin Network is boasting of processing over 10M transcations.
This indicates a significant level of activity and usage on the Litecoin platform during this short time frame. It also supports the following positive LTC price prediction for 2024.
LTC Price Prediction: Will Litecoin Successfully Break Above the Descending Triangle Pattern?
The weekly chart analysis for LTC/USD reveals a persistent descending triangle pattern in motion since October 2021. Currently, LTC has arrived at the pinnacle of the descending triangle pattern, establishing a point where a breakout could manifest in either direction.
Based on the LTC Price Prediction, there are indications suggesting a potential upward breakout. The emergence of a Simple Moving Average (SMA) crossover affirms bullish trend signals. In this crossover, the 50 SMA line (blue) intersects the 100 SMA line (purple) from below.
Additionally, the Awesome Oscillator (AO) histogram has recently shifted to green, indicating some positive momentum. However, it’s noteworthy that the histograms continue to register below the zero line, implying weakness in the trend reversal.
LTC Price Prediction Summary
Should prices continue to ascend, the initial resistance is positioned at the 50 SMA, residing at $79.58. This level coincides with the descending trendline of the triangle pattern.
A breach and sustained closure above this threshold would trigger a bullish reversal.
The subsequent resistance level is at $113. Any breakthrough here could propel prices to $146, representing an increase of approximately +105% from the current level.
Conversely, in the event of a continued decline aligning with the current pattern, initial support is anticipated at $62. A breach and closure below this level would activate the baseline of the descending triangle pattern as a support level.
