The Litecoin (LTC) price is struggling to maneuver above the $98 resistance space. It may drop within the brief time period earlier than mounting one other upward motion.
There was some optimistic Litecoin information final week, particularly regarding the Litecoin community. The community processed its 141 millionth transaction. Transaction counts have been regular, hovering round 100,000 per day. Nevertheless, whereas the Litecoin (LTC) worth elevated considerably final week, it failed to maneuver above $100, regardless of this optimistic piece of Litecoin information.
Litecoin Struggles With Resistance
The technical evaluation from the day by day time-frame exhibits that the Litecoin worth has moved upward since June 2022. In the beginning of 2023, the worth broke out from the long-term $79 resistance space. The world is now anticipated to supply help.
On Jan. 29, the worth reached a brand new yearly excessive of $97.77 (pink icon). This validated the $98 space as resistance. The following fall additionally validated a bearish divergence within the day by day RSI. Such divergences usually precede downward actions, as was the case for the previous 24 hours. Because of this, the digital asset could fall to the $79 space, which may now present help.
Alternatively, a day by day shut above $98 would invalidate this bearish Litecoin worth forecast and will result in an upward motion towards a mean worth of $133.
Litecoin Value Prediction for Feb: Drop Might Happen
A better take a look at the wave rely helps the potential of a drop. The rationale for that is that the Litecoin worth has accomplished a five-wave upward motion (black) in what is probably going a number one diagonal. If the rely is appropriate, a big drop can be possible.
The proportion of the waves helps the likelihood that that is the proper rely since waves three and 5 are each 1.61 instances the size of wave one, frequent in diagonals.
The closest Fib help degree is at $75.77. Since that is under the $79 help space, a breakdown from the latter is probably going in case the rely is appropriate. Then, the LTC worth may fall to $69, the 0.5 Fib retracement help degree, and a horizontal help space.
Because of this rely and the bearish divergence, the Litecoin worth prediction for Feb. is bearish. As said beforehand, a day by day shut above $98 would invalidate this outlook and recommend that an upward motion towards $133 is predicted.
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