Litecoin price drops to $46.5, what to expect?

Litecoin price drops to what to expect
  • Litecoin price analysis unable to sustain the $48 high.
  • Litecoin briefly sees $49 high, losing strong support for $48.
  • Analyst believe, Litecoin price to show a reversal.

The Litecoin price line observed price continuation over the $48 mark on the 19th of September. Grevling is a Trading View analyst who believes that the LTC price will soon test the resistance level near $57.

1-Day Litecoin price analysis

Litecoin price chart 1 - 19 September
Litecoin price chart by Trading View

Litecoin traded at $46.96 US Dollars at the time of writing on Bitstamp. The cryptocurrency observed the day’s high at $49.01 US Dollars on the 19th of September.

What’s next for Litecoin?

The Trading View analyst Grevling is of the opinion that the LTC price will break above the descending triangle pattern soon. The breakout is expected to lead the cryptocurrency towards the $57 mark.

Litecoin price chart 2 - 19 September
Litecoin price chart by Trading View

The cryptocurrency has been trading inside the descending triangle from the 12th of September. Once the LTC price breaks above this descending triangle, it will turn bullish and rise towards the $56.90 resistance level. The crypto analyst believes that the LTCUSD trading pair will test the resistance twice before it can finally break out the third time. This trade is a long-term trade for the cryptocurrency.

A confirmation of the breakout above the $56.90 mark will allow the cryptocurrency to eventually rise towards the $84.73 level.

Will Litecoin observe a double bottom pattern?

The Trading View analyst Utku Yucel believes that the LTC price may depict a double bottom pattern soon. The analyst highlighted the cryptocurrency’s trade inside a triangle pattern on the 1-day chart for the LTCUSD trading pair.

Litecoin price chart 3 - 19 September
Litecoin price chart by Trading View

The cryptocurrency approached this triangle pattern in March 2020, while it has been trading closer to the ascending support line (blue) until the price turned bullish in August. The cryptocurrency tested the descending resistance (red) of the triangle pattern on the 17th of August.

Currently, the price has returned to the ascending trendline. The analyst believes that this touchdown of the cryptocurrency at the lower boundary of the trading pattern may complete a double bottom pattern. The double bottom pattern is a bullish sign, and it will lead to a bullish convergence for the LTC price. The price line may bounce off the trend line after completing the double bottom pattern and move towards the descending trendline to observe a breakout.

The analyst suggested traders observe the Exponential Moving Average (EMA) in order to be aware of the cryptocurrency’s trading trend. The Relative Strength Index (RSI) lies in the neutral zone at 42.43 on the 1-day time frame. A breakout above this triangle pattern will leave the cryptocurrency in a bullish state.

What to expect from the LTC price?

The Trading View analyst Harison is of the opinion that Litecoin is currently in the accumulation zone, and that the cryptocurrency is expected to see a significant increase in its price over the long-term trade.

Litecoin price chart 4 - 19 September
Litecoin price chart by Trading View

On the 4-hour chart, the analyst drew some nested triangle patterns. The cryptocurrency trades in a triangle pattern, which lies in a bigger ascending triangle pattern. On the 20th of September, the cryptocurrency slipped below the descending triangle. If the price moves below the important support structure between the $46 and $47 levels, then LTC may turn bearish per the chart above. The target price for this trade lies at $56.96.

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.

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Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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