- Litecoin price hits the $48 high once again.
- Analysts expect a bearish incoming trend due to poor support levels.
- Bollingers band showing volatility on the charts.
- Litecoin price is likely to fall towards $45 after retesting $48 high.
On the 18th of September, the Litecoin price line tested a descending lower-high trend line. The price appears to be stuck between the 194-day long rising support and the LH trendline. The cryptocurrency traded near the $48 level over the 24-hour trade.
1-Day Litecoin price analysis
Litecoin price chart by Trading View
LTC price stooped to a low of $47.52 on the 18th of September. The cryptocurrency approached the day’s high of $49.06. At the time of writing, the LTC price was observed at $48.81 US dollars.
What to expect from Litecoin?
The Trading View analyst Vince Prince is of the opinion that the LTC price has hit a snag on the 1-hour chart. The lower-high trend line appears to be unbreakable at the moment for the cryptocurrency, while the coin has repeatedly been testing the 194-days old trend line (blue).
Per the analyst, if the cryptocurrency continues to test this rising trend line, it will continue to get weaker and the price line will eventually fall below this very important support, which has held it from falling bearish. Falling below this trend line will cause the cryptocurrency to observe a complete breakout towards the downside with heavy bearishness.
The descending trend line is currently a strong resistance for the cryptocurrency. The analyst believes that Litecoin needs to break above the descending trend line soon or else LTC will continue to show these bearish signs. The price line will be supported by the 60-Day Exponential Moving Average (60EMA) once it breaks above the descending trend line.
What’s next for LTC price?
The Trading View analyst DLavrov is of the opinion that the LTC price line will rise towards the $65 mark soon.
Per the chart above, the cryptocurrency trades below the midline of the Bollinger Bands. The analyst stated that if the price level stays above the $45 mark and the 200-Day Moving Average, the cryptocurrency will continue rising upwards. A breakout above the $50 resistance and the 20-Day Moving Average will confirm the buyers’ strength for the market. The target price for this trade lies near the $65 resistance area for the LTCUSD trading pair.
The Relative Strength Index (RSI) on the 1-day chart lies at 42.72. This means that the technical indicator is in a neutral position, depicting no oversold or overbought instances.
Litecoin price technical indicators
The Bollinger Bands observed increased expansion after 12:00 GMT, which continued till the end of the day. During this time, the cryptocurrency saw increased price volatility. The Moving Average Convergence Divergence (MACD) line moved towards the negative graph, while the signal line and the histogram turned negative during the afternoon as well when the cryptocurrency fell towards the $47 mark. A buyer signal was triggered at 17:45 GMT, just before the price returned above the $48 level.
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