Litecoin Price Prediction: Is There an Uptrend on the Horizon for LTC?

The price of Litecoin (LTC) is currently showing bullish signs against Bitcoin, sparking speculation of a potential significant upward move for Bitcoin.

However, despite these promising indicators, the first trends observed this month are downward. So, while the potential for a sharp increase in LTC prices looms should bullish signals intensify, current market conditions suggest a cautious approach.

Difficult month for Litecoin: drop of 37.3% amid market turbulence

Litecoin price saw a significant decline of over 37.3% this month, after reaching a local high of around $113. LTC is hovering around the golden ratio support level at around $80, providing a potential bullish rebound opportunity.

Additionally, the Moving Average Convergence Divergence (MACD) lines have formed a bullish crossover on the monthly chart. However, the MACD histogram has started to follow a bearish trend, while the Relative Strength Index (RSI) is in the neutral zone.

Read more: How to Buy Litecoin (LTC) and Everything You Need to Know

Weekly chart analysis: the golden ratio as a strong support level

Last week, SLD price initially fell below the golden ratio support level of around $80. However, the price specifically returned to this critical support level late in the week.

This indicates the possibility of an upward movement during the current week. However, the MACD histogram on the weekly chart shows bearish signals since the previous week.

This indicates a possible bearish crossover of the MACD lines in the near future. Additionally, the exponential moving averages (EMA) are displaying a death cross pattern on the weekly chart, indicating a medium-term downtrend.

Meanwhile, the RSI remains in neutral territory, offering no clear indication of upward or downward momentum.

Positive signal for Litecoin: Golden cross remains on daily chart

In the daily chart of Litecoin, the golden cross continues, indicating a continued uptrend in the short to medium term. However, there has been a bearish crossover of the MACD lines recently.

Meanwhile, the MACD histogram shows bullish momentum today, while the RSI remains neutral. There are two major obstacles to the LTC journey.

The first resistance lies around $89.4, coinciding with the 50-day EMA. Additionally, significant Fibonacci resistance looms around $97.

A break beyond the golden ratio at $97 could signal the completion of the corrective phase, which could pave the way for LTC to target the 0.382 Fibonacci resistance at around $140.

Conversely, if LTC experiences downward pressure, significant support is expected between $63 and $67.5.

Bearish signal: Litecoin 4-hour chart shows death cross formation

An upward trajectory towards the golden ratio level at around $97 indicates a potential upside of around 18%. It is worth noting that the MACD lines on the 4-hour chart recently crossed upwards, accompanied by a bullish rally in the MACD histogram.

Meanwhile, the RSI remains in the neutral zone. Short-term forecasts favor an upward trend.

However, it should be realized that the trend has already been confirmed as bearish by the deadly EMA crossover, which confirms the corrective phase in progress.

Litecoin vs Bitcoin: A Positive Side Emerging in Price Dynamics

Despite the significant downward trend in the price of LTC against Bitcoin, there are signs of a potential reversal. Notably, the MACD lines show a bullish crossover on the weekly chart, while the RSI indicates a bullish divergence.

If Litecoin begins an upward trajectory, it will face significant resistance levels between approximately 0.001716 BTC and 0.00215 BTC. Additionally, the 50-week EMA represents a massive barrier around 0.00204 BTC.