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Litecoin price analysis: Prices to set new monthly highs at $51.65

Litecoin price analysis Prices to set new monthly highs at
  • Litecoin has gained 0.87 in today’s trading session.
  • The daily charts shows that the markets have entered a bullish market which is expected to continue until it breaks the current monthly highs.
  • 4-hour charts and hourly charts also indicates that the prices are bullish.

Litecoin opened today’s trading session at $47.58, reaching highs of $48.19 and lows of $46.60. At press time, the crypto prices are trading $48, having gained 0.87 percent of its market value.

Litecoin daily chart analysis

Litecoin price analysis: Prices to set new monthly highs at $51.65 1
Image source Trading View

Today’s trading session marked the second consecutive days that the market prices have been bullish in a week, after 5 days of a bearish market. The markets set a new monthly high of $51.65 on 5th October, after hitting a resistance level which triggered price pullbacks after weeks of bullish movement.

The daily chart’s price analysis indicates that the small price pullback on the daily charts has come to an end, and the prices have resumed their upward push. The market, which has been very bullish for months, has resumed its long-term trend and it is expected to continue pushing to the upside.

The prices are expected to continue their bullish move, where they will retest the resistance level at $51.65. Price action analysis also indicates that the prices are more likely to break out of the support and resistance structure, which will result in the formation of new monthly highs.

What next for Litecoin prices?

Litecoin price analysis: Prices to set new monthly highs at $51.65 2
Image source Trading View

IntradingFx argues that the prices on the four-hour chart are trading within a parallel channel. The trader also indicates on his chart that there are three levels that he has been observing on the four-hour chart, the $41.726 support level, the $51.225 resistance level and the $57.804 resistance level for long term opportunities.

On his analysis, the prices are currently just bouncing off the lower trendline of the parallel ascending channel, and the trader shows that he is expecting the prices to continue with their bullish push to the upside.

IntradingFx, in his analysis, indicates that he expects the prices to continue pushing upwards until they hit the upper trendline of the channel, estimating the region where the prices will bit this trendline to be around the $51.225 resistance level. This, therefore, means that traders should look for long opportunities on the four-hour chart, with the possibility of setting new monthly highs.

Litecoin hourly chart analysis

Litecoin price analysis: Prices to set new monthly highs at $51.65 3
Image source Trading View

The hourly chart also confirms the bullish bias in other time frames where the prices can be seen pushing up with momentum. The hourly chart analysis shows that the prices are almost hitting the pivotal resistance point at $48.26.

Short-term traders should look to take long opportunities on the hourly timeframe, whereby the prices are expected to push past the pivotal point and hit resistance R1 at $50.87. if the prices break out from this resistance point to the upwards, then the prices are expected to set new monthly highs of $51.65.

Kelvin Maina

Kelvin Maina

Kelvin Maina is a computer science graduate who has a strong interest in cryptocurrency. He also enjoys reading fictional novels and swimming. He has over five years of experience in the software engineering industry and understands the current technology trends around the world.

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