Litecoin (LTC), one of the prominent cryptocurrencies in the market, has experienced a significant surge, rising by 8% from its previous level of $70.
This upward movement has sparked speculation among investors, leading to questions about the potential for Litecoin to reach the $1,000 mark in 2023.
In this Litecoin price prediction, we will take a look at the technical outlook and examine the possibilities for its future trajectory.
The current price of Litecoin (LTC) is $77, and the 24-hour trading volume is $285,408,830. Over the past 24 hours, Litecoin has experienced a nearly 1% increase.
Litecoin currently holds the 12th position on CoinMarketCap, with a live market cap of $5.6 billion.
The circulating supply of LTC coins is 73,166,214, with a maximum supply of 84,000,000.
Litecoin Price Prediction
From a technical standpoint, Litecoin has broken below a symmetrical triangle pattern, acting as a support level of around $84.
A strong bearish engulfing candle below the 50-day exponential moving average suggested a high probability of the downtrend continuing.
The triple bottom pattern near $77.85 has been invalidated, indicating a prevailing bearish sentiment.
Given the strong bearish technical indicators, it was anticipated that Litecoin would continue its downward trend and target the next support level, around $65.457.
A breach below this level could potentially trigger further selling pressure, with a potential downside target near $63.
However, Litecoin found support near $72.20 and reversed its trajectory, trading back near the $77.18 level.
On the upside, a bullish breakout above the $77.18 level could expose Litecoin to a higher level, around $82.40.
It is important to highlight that the $72.20 level is expected to act as a significant support, potentially leading to a robust recovery in Litecoin’s price.
Traders should closely monitor the $72.20 level as oversold indicators like the RSI and MACD suggest the possibility of a price retracement.
Furthermore, there is a notable support zone around $65, while resistance can be observed around $82.40.
If Litecoin manages to surpass this level, it may face resistance around $88.44, with a substantial barrier at $84.
Can LTC Reach $1,000 in 2023?
Although Litecoin is currently displaying a bullish trend, it is important to note that there is no indication that it will reach the $1,000 mark in 2023.
While the price may experience some upward movement, reaching such a significant milestone within the year is unlikely based on the available data and market conditions.
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