- Litecoin price continues to fall in the descending channel.
- Expert expect a continuation in the descending channel.
- Litecoin is travelling in an already ascending channel.
The LTC price was expected to fall bearish after observing a breakout towards the downside. The price line fell to $44 on the 21st of September. On the 20th of September, the Litecoin price line had gradually stepped towards the $47 mark.
1-Day Litecoin price analysis
At the day’s lowest, the cryptocurrency was observed at $43.67. Litecoin was priced at $44.12 US Dollars at the time of writing on Bitstamp. Whereas, the 24-hour high was observed at the $48.50 mark before the current bearish trend.
Litecoin breaks below descending triangle
The Trading View analyst Harison depicted that the LTCUSD pair will drop towards the $44 level on the 1-hour chart for the trading pair. The analyst had highlighted a descending triangle pattern for the cryptocurrency.
The cryptocurrency has been trading inside the descending triangle since the 12th of September. The price line had previously tested the upper and lower trend lines of the trading pattern. The price entered this trade at the $48.58 level.
Per the analyst, the cryptocurrency was going to fall below the triangle pattern and confirm the breakout after moving below the support structure between the $46 and $47 levels. The price line moved below the support structure on the 21st of September and fell towards the $44.22 level. The target price for this trade is $43.63 US Dollars.
What to expect from the LTC price?
The Trading View analyst Bitcorn Ben drew the trading ranges for the LTCUSD pair. The analyst marked important support and resistance levels on the 4-hour chart for the trading pair as well.
The top side of the marked trading range was at $52.39, whereas the bottom side of the range was shown to be at $45.22. The cryptocurrency has been actively trading inside of the range ever since the price broke below the $52 resistance structure on the 3rd of September, when the cryptocurrency market turned highly bearish. The cryptocurrency has made it to short-term trading targets near $47.5 and $50.3 throughout the range.
One of the long-term targets, laid at the limits of the range, was met by the cryptocurrency on the 21st of September. LTC price turned bearish and fell below the $47.5 level as a result of a big red candle. This fall was followed by a bigger red candle towards the downside on the 21st of September. The cryptocurrency closed trade near the $44 level.
What’s next for Litecoin?
The Trading View analyst Cycle Wave highlighted a triangle pattern on the 30-minute chart for the LTCUSD trading pair. The analyst implied that the cryptocurrency’s price will fall towards the $42 mark soon.
The cryptocurrency was expected to complete a wave correction pattern from a major swing top. The analyst believed that the price will bounce off the support level of the triangle pattern and move towards the E mark on the chart above. The price line was expected to fall from E, towards C. This trade was expected to come into play as a price dump towards the $42 mark.
If the price rose above the $51 mark, the triangle would have been invalidated. However, the price fell below the triangle and moved towards the $44 level. This trade is currently in play.
Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.