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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 06, 2023 07:06 UTC
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From $60 to $100: Litecoin’s Epic Comeback Story!
LTC price action shows a potential inverted head and shoulder pattern with a neckline at $68.
The uptrend faces opposition from the 50-day EMA.
A rise above $ 68 will skyrocket the LTC price to $100, a 40% jump.
Taking a sharp correction from $114 to $57 between July and September, the LTC coin price brings a death cross. Taking a sideway step to avoid further correction, the Litecoin price made an inverted head and shoulders pattern with a neckline close to the $70 mark.
Despite such sharp correction, the market sentiments expect positive outcomes and present optimistic Litecoin price predictions.
However, the overhead supply pressure moving along with the 50-day EMA nullifies the breakout possibility by forcing the LTC price back to the $60 support zone. Currently, the LTC price aims to form a morning star pattern to ignite the positive cycle from the crucial support zone.
As of now, LTC price is trading at $65.41 with an intraday growth of 0.93%, highlighting a reversal possibility. This positive reversal will challenge the 50-day EMA and might cross the $70 support zone to give a bullish breakout.
Moreover, the chances of a reversal in LTC price are increasing as the overall market enters the Uptober season.
However, the lack of trend momentum and significant overhead supply warns of a consolidation range or a further correction.
Technical indicators:
DMI indicator: The ADX line is still on a downward trend, indicating a low momentum phase for Litecoin. However, the bullish turnaround in the DI lines suggests a high probability of a breakout to the upside.
EMA: Rising above the 50-day EAMA will be critical for Litecoin price to continue the recovery rally.
Will LTC Price Rise To $100?
Considering the Litecoin momentum increases with the Bitcoin ETF decision this October, the altcoin may form a new swing high. If the LTC price exceeds the 50-day EMA, it will highlight a bullish entry spot for sideline traders. Moreover, the 50-day EMA breakout will challenge the $70 mark before reaching the psychological mark of $100.
Alternatively, if the downtrend persists, it might break $60 to test the bullish dominance at the $50 support level.
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