#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.
Litecoin Price
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.
source: cryptonews
image source: AI
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.