- Litecoin price prediction favors bearish momentum against bullish rise.
- Litecoin is observing strong resistance at the $50 mark.
- Some analyst expect an unlikely rise towards the $55 mark.
On the 14th of October, Litecoin observed an increase in price volatility and the bearish momentum, unlike the previously expected Litecoin price prediction. Litecoin price varied between the $48 and $51 price levels past 24-hours. Litecoin price managed to hit the $51 high at one point but was unable to maintain support for that level.
The altcoin did not observe much price action over the 24-hour trade. The bearish eventually momentum dropped, and by the time of writing, the coin trade was marked at $49.66. Although at 13:38 GMT, it hit a peak figure of $51.04, also the highest point in the past 24-hours. At the same time, as many as two attempts to break past the $50 resistance can be observed on the chart above.
Litecoin price prediction favoring bears
In his Litecoin price prediction trading view analyst, Vince Prince shares that there are currently two possible scenarios to happen. He explains that the Litecoin managed to hold the weak support, eventually gaining enough strength to move towards a retest of the upper boundary and a breakout above that. Since the bullish momentum weakness has already increased, this is not the most likely outcome at the moment.
The bearish continuation is to the downside, which will show up when Litecoin crosses below the support line. As mentioned, this will increase until there is substantial support found that can reverse the situation. In this case, the lower demand-zone is marked in his chart in blue, where Litecoin can form a back-up at the end of the day.
Another cryptocurrency analyst, Solldy states that the price bounced off the strong resistance line, and it is heading down; he predicts the LTCUSD pair to reach the support line and face stop loss at that point.
Cryptocurrency firm FXCM believes that LTC bounced off 49.57, where the stop loss was found at the $49.54 mark. FXCM furthers that the traders should be ready to buy at this point since the price is likely to rise as high as $55.77 in the longer run.
The analyst explains that the next high is expected at the $52.95 mark; however uninformed trading decisions carry high risk leading to losses that exceed the initial investment. The trading firm is advising extreme caution and a better understanding of the risks.
Another pro analyst Gator 0302, believes that the pullback is very natural given the current market state and the Litecoin price movement. He explains that the cryptocurrency will need at least another couple of days to rise back into the ascending channel. Gator explains that if Litecoin manages to hold support at the $49.50 mark, it will likely get past the $50 resistance and find a new at the $57.80 mark.
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