Litecoin price prediction – Here’s what a move to $82 and beyond depends on

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  • Bullish momentum and buying pressure suggested that Litecoin is likely to climb towards $74 and beyond
  • A move beyond $82 would suggest that a long-term uptrend is possible

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself quite optimistic about Litecoin [LTC] at this juncture. The bullish momentum and buying pressure suggest that we might be looking at a climb towards $74 and beyond, potentially even surpassing the $82 mark if the bulls manage to maintain their strength.

During the last fortnight, Litecoin [LTC] has been oscillating between approximately $60 and $74.9. The bulls have put in considerable effort to push the price beyond the Key Resistance Level (Point of Control or POC), but so far have been unable to maintain it there.

Currently, with buying pressure and high trading activity on the side of buyers, it appears probable that the price will continue to rise. This is a potential area for traders to cash in their gains, and where a longer-term upward trend could potentially develop.

Volume profile range highs and Fibonacci level have confluence

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From the analysis of the Fixed Range Volume Profile, it’s clear that the Point of Control (POC) stands at $65.5. Over the course of August, Litecoin has breached this figure on several occasions. However, in the last month, the bullish forces have shown more strength compared to the bears. The Moving Force Indicator (MFI) signaled a surge in bullish momentum and rising demand, yet it hasn’t reached overbought levels just yet.

The peak of the Fibonacci Retracement Value Pair (FRVP) reached $74.9, slightly surpassing the 50% Fibonacci retracement level at $73.25. Given the significance of these resistance levels over the past few months, the Litecoin bulls might find it challenging to break through them promptly.

If Litecoin continues to decrease in value as it has been doing since May, for a lasting upward trend to begin, it needs to break through the $82.6 resistance point, which represents the 78.6% retracement level.

Is Litecoin about to face reversal?

In simpler terms, the 3-month analysis highlighted that the range between $71.7 and $72.8 was a significant area for liquidity. Yet, over the past day, despite LTC reaching $73.07 in trading, it dropped back down to $71 again.

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Read Litecoin’s [LTC] Price Prediction 2024-25

This grouping of liquidity stretches up to $75, however, it’s not as thick. Consequently, a price shift surpassing $75 could be the initial indication suggesting a high probability of a surge beyond $82. Notably, such a movement would showcase strong bullish power.

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2024-10-17 01:11