The Litecoin price prediction by The Daily Chartist suggests that the price will hit the $63 mark next. The cryptocurrency showed a gradual uptrend over the charts for the 27th of October.
1-Day Litecoin price analysis
Litecoin was priced at $59.87 at the time of writing. The coin reached a day’s high of $60.55.
Litecoin returns above $60
The Trading View analyst Tickeron had drawn a symmetrical triangle for the LTCUSD pair on the H1 time frame, and they believed that the cryptocurrency will break out above the triangle to reach towards the $60 mark.
The price finally broke above the triangle and the entry level for the trade was marked at $58. On the 27th of October, the price towards the $59.50 level. This marked at 2.46% increase in the LTC price over the 24-hour trade. The take profit was reached after the trade became active; thus, the trade is complete.
Litecoin price prediction: LTC to break above ascending channel.
The Daily Chartist is an anaylst who showed that the LTC price has recently broken above a falling trendline. The cryptocurrency had been moving in this triangle pattern since Q1 2020.
On the 24th of October, the cryptocurrency finally tested the falling resistance, and now it is expected to bounce off the broken trendline after a retest of the $57 mark. The price will eventually move towards the $63.91 mark, which is where the take profit for this trade lies.
Litecoin breaks 2-year long trendline
Litecoin trades below a very long descending trendline according to the chart below. This trendline starts from when the cryptocurrency’s reached the all-time high. The Trading View analyst Lopski believes that the cryptocurrency has finally broken above this trendline.
If we look at the chart above, the Relative Strength Index (RSI) lies neutral near 53.00. The technical indicator seems to be headed upwards on its scale. The altcoin broke above the trendline on the 19th of October. The price may see a pullback towards the descending trendline and then a bounce off from there. This is a long-term trade and it may lead the cryptocurrency to greater highs.
What to expect from the LTC price?
The Trading View analyst Forex Master expects the LTC price to see a pullback to the $50 mark. The analyst showed that the price broke above a triangle pattern and moved towards the $60 mark.
The Moving Average Convergence Divergence (MACD) line and the signal line appear to be rising on the charts, the histogram size has recently started decreasing. The price hit the $60 mark, and now it is expected to fall short towards the $50.61 take profit. If the price falls to this region, the cryptocurrency will confirm the ascending support line that lies just short of the $50 mark. Currently, the price is above the Ichimoku cloud.
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