Litecoin has been holding its position above the support level on a weekly timeframe since June 2022, while it is moving along an ascending support line. This important trend line has been successfully tested six times, most recently last week.

In addition, the Litecoin price rebound was noted in the area of horizontal support, which has been playing the role of both resistance and support for more than 600 days.

The weekly Relative Strength Index (RSI) is on the bearish side, falling below 50 and indicating a downtrend.

Analysts in the cryptocurrency world have different perspectives on the future of Litecoin. Matthew Dixon expects the price to rise to $85 based on an analysis of the daily timeframe, but also warns of the need for caution before the FOMC rate decision, which is likely to affect all markets, including Litecoin.

There are also signs of a bearish trend on the daily timeframe due to price dynamics and RSI signals. Litecoin has been trading inside an ascending parallel channel since September 2023, and such channels often end in bearish breakouts. In addition, the Litecoin price has been moving along the downward resistance line since the rebound from the channel boundary on December 9, 2023.

The daily RSI is also below 50 and declining, which highlights the bearish trend. In case of a bearish breakout from the channel, the Litecoin price may decrease by 25% to the support level around $50.

Despite this bearish forecast, a 20% increase in Litecoin is possible if the short-term resistance line is overcome, reaching the upper limit of the channel at $80.