1664880215009 0bdfd329 3530 45c9 a455 15c8dffdcd45 89bbiu Litecoin price prediction for October 2022

Litecoin price prediction for October 2022

Litecoin price has been in a tight range in the past few days as the market participants waited for the next catalyst. LTC has risen in the past two straight days and is trading at $54.76, where it has been in the past few days. It remains about 19.3% below the highest level in September.

Litecoin consolidation continues

Litecoin had a mild performance in September even as market conditions remained volatile. In September, American stocks crashed by more than 10%, with indices like the Dow Jones, Nasdaq 100, and S&P 500 retreating.

At the same time, the US dollar index (DXY) surged to the highest level in more than 20 years. Other key indices signaled at potential risks in the market. For example, the closely watched VIX index, which is a measure of volatility, soared to more than $32 while the fear and greed index dropped to the fear zone.

All these numbers signal that Litecoin did well in a difficult market. The same is true for other cryptocurrencies like Bitcoin and Ethereum. 

The main catalyst for Litecoin in September was Ethereum Merge, which transitioned it from a proof-of-work (PoW) to a proof-of-stake (PoS). Since this was the biggest event in the blockchain industry, most cryptocurrencies reacted to it. 

Looking forward, there will be no major cryptocurrency-focused event of the magnitude of the Merge in October. Therefore, investors will continue to focus on the broader market issues like inflation and monetary policy. 

This week, the US will publish the latest jobs numbers. Analysts expect the data to show that the country’s economy added more than 300k jobs in September. As such, with inflation at an elevated level, there is a likelihood that the Fed will continue hiking interest rates.

Litecoin price prediction

The daily chart shows that the LTC price has been in a consolidation phase in the past few days. It has remained between the important support and resistance levels at $46.3 and $67.35. The coin is still hovering at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral point at 50.

Therefore, there is a likelihood that Litecoin will remain in this tight range in October. A move above the resistance at $67 will mean that there are more buyers left while a drop below the support at $46 will mean that there are more sellers in the market.

How to buy Litecoin


eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy LTC with eToro today


OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy LTC with OKX today

The post Litecoin price prediction for October 2022 appeared first on CoinJournal.

Scroll to Top