- Litecoin price expected to fall towards $71.95
- Altcoin observed a neutral trade over the 1D timeframe
- XRP price expected to move short ahead
The Litecoin price prediction by Rana Shoaib shows that the cryptocurrency will fall towards the $71.95 mark next. The price observed sideways movements on the 22nd of November.
1-Day Litecoin price analysis
The LTC price was observed at the $84.67 mark at the time of writing. The coin fell to a day’s low of $77.13 at noon on the 22nd of November. At its highest, the altcoin was priced at $88.38 over the 24-hour trade. Per the chart above, the overall trade for this day was neutral.
What’s next for LTC?
Looking at the chart below we can see that the cryptocurrency has been trending inside an up-channel for a while, and the price has gradually made it across multiple resistance levels which are now support levels to the LTCUSD trading pair. The price observed a breakout from the up-channel on the 16th of November and then moved above a small horizontal zone and the horizontal support zone that originated in February 2020.
The resistance near the $90 mark is very strong and the cryptocurrency has recently been rejected near this level. The price has returned to the $77 to $87 range, and the cryptocurrency is expected to find support near this level. Once the altcoin moves to the support, as anticipated in this idea, the cryptocurrency will gradually consolidate until it can break above the $90 level. For now, the analyst suggests that the price will fall towards the $76 support level, which will be able to hold the cryptocurrency from falling any further. This is a possible an entry-level for a short-term trade.
What to expect from Litecoin?
Per another analyst, the LTCUSD pair will fall towards the $59.5 level soon, as a part of a short-term trade movement.
This trade setup was drawn on the daily time frame for the cryptocurrency, and while the price is supported by multiple Exponential Moving Averages right now, the price may soon fall towards the $60 mark. Per the chart above, the cryptocurrency has been trading inside an ascending channel for a while now, and the price has approached the upper boundary which only means that the cryptocurrency will see a pullback and fall below the midline next.
Litecoin price prediction: Fall to $71.95 ahead?
The Trading View analyst Rana Shoaib believes that the LTC price will fall bearish and move into a downtrend next. The price has been following impulse wave movements over the charts.
The cryptocurrency has already completed 5 impulse waves and now it is expected to move towards the C point. The cryptocurrency fell below an important rising trend line that is sketched red on the chart above. Once the cryptocurrency turns bearish, the price will move towards the $71.95 mark as the target price. The Moving Average Convergence (MACD) line is moving below the signal line while the histogram size appears to be increasing in the negative region. This is a bearish indicator for the cryptocurrency.