Litecoin Price Prediction: Prices Likely to Trade Below $100

Summary:

The past one week has seen Litecoin prices trade with very low volatility. The cryptocurrency has also traded in a sideways market for days

The past week has seen Litecoin prices trade with very low volatility. In the last four trading sessions, the cryptocurrency has also traded in a sideways market. Today’s trading session also looks poised to continue with a sideways market, as prices show little volatility.

Since March 31, 2022, Litecoin prices have struggled in the market, losing 20 per cent to date. The current drop has followed the cryptocurrency industry, which has seen the prices of Bitcoin drop by 15 per cent in the same period and Ethereum by 12 per cent. However, even with a month-long price drop, Litecoin is yet to trade below $100.

However, that is likely to change in the next few trading sessions due to regulation laws being pushed around the world. Litecoin has also struggled in the past few days, including having its trading volume go down by more than 10 per cent in the past 24 hours. The cryptocurrency is also on a long-term bearish trend. Although the current trend has lost volatility and momentum, it is highly likely that an aggressive bearish move will resume.

Litecoin Price Prediction

Since early December of last year, Litecoin has been trading within a descending channel. However, in the past few weeks, the cryptocurrency has retested the upper trend line of the channel and failed to break to the upside. Instead, the crypto resulted in an aggressive push to the downside and a small pullback.

However, the past few days have seen the cryptocurrency resume the downward trend. Though not strong enough, the current trend has resulted in seven consecutive trading sessions where prices have closed below the opening price. Therefore, looking at the chart below, I expect the bearish trend to continue, with a possibility of retesting the lower trend line of the channel. The continuation will mean Litecoin trading below $100. The downward trend will also likely hit the $85 support level. If that is the case, I expect the next few weeks to continue being bearish.