Litecoin Price Prediction – LTC Blasts Up 27%, Can it Reach $100 by 2023?
Litecoin (LTC) has made a surprise breakaway even as the greater crypto market struggles to make gains, pushing up fast since Nov. 22 and rising over 27% in the past 48 hours and currently sitting at $78. The question is, does it have more bullish juice left or will the latest pump be followed by a sharp correction?
This depends on both technical and fundamental factors. On the technical side, LTC has broken out of its sideways range from last week, ending up well above a key resistance and support level at $70.
On the fundamentals side, there are obviously macroeconomic factors driving the wider crypto market at the moment, including the overall bearish market trend and the FTX fallout.
Let’s take a look at some key supports and resistance areas for Litecoin to get an idea of what’s possible in the short and medium term.
Litecoin is currently at a 12% gain in the past 24 hours, reaching as high as 27% at one point, while Bitcoin is only up 1.5%.
Although we have broken a resistance level at around $70, LTC failed to break out past the $80 mark, indicating that a more significant push may be needed to reach the $100 mark. If we close the day above $79 or so, this could be a bullish sign for the cryptocurrency.
The $100 area was key support multiple times since January prior to a break below this level in May. If it does manage to break above this level, LTC could easily hit $143, with the next target after that around $300.
$143 also has historic significance. In February of this year, the $143 level acted as support, as it also did in Sept. and Dec. 2021, while way back in June 2019, this level acted as resistance.
If LTC's price closes the day around where it is now, indicators such as a downward RSI trend suggest that it will
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