Litecoin shows another bullish sentiment on the 10th of October, following its recent uptrend on the 9th of October. The Litecoin price prediction by Pro Fx Market Sniper suggests that the altcoin will move towards $52.8 next.
1-Day Litecoin price analysis
The cryptocurrency hit the $51 mark on the charts, while it traded at $50.69 at writing time. The coin was priced at a day’s high of $51.23 US Dollars.
LTC price in a descending channel?
A huge channel with a high resistance to follow is what Vince Prince thinks Litecoin has in store for itself. The coin is expected to hit $52.30 soon, where a number of resistances may cause the price to bounce towards the downside.
The crypto recently passed above the 70-Day Exponential Moving Average, and it has shown more of a bullish movement. A pullback is expected to occur after LTC hits the resistance zone, which could lead the price towards a demand zone marked on the chart above.
Litecoin price prediction to $52.8 next
A rising wedge can be observed on the LTC charts. Pro Fx Market Sniper highlighted this on the 2-hour chart, while the price appears to be rising past $52 in the idea.
Per this chart, the trend followed by the coin should entail an increase in the price until the trajectory hits the upper resistance of the rising wedge. A bounce from this rejection from this resistance level will cause the coin to return to the $50 mark, which will follow a bounce towards the final target price near $52.80. The stop-loss order was placed at $46.92. The stop-loss is where the traders should sell the asset.
Will Litecoin repeat its cyclic trend?
The cryptocurrency has been shown to trade in a cyclic manner over the past 2 years. Currently, the coin appears to be beginning the third cycle.
If the cycle repeats its self, Litecoin will eventually return back below $50 after rising towards the $300 mark. In another case, the cryptocurrency might rise to break above the cycle while trading inside an ascending channel. At the time of publishing, the Relative Strength Index (RSI) appeared near 50.00, which means the cryptocurrency is in a neutral zone. The ascending along this channel in the long-term will allow LTC to reach newer highs.
In one of their analyses on Litecoin, Chenari Jawad the Trading View analyst is certain that the LTC price will bounce off and move towards the $4300 mark.
Per the analysis, the LTC price is trapped inside an ascending channel, while the altcoin has approached the bottom of this channel. Jawad is of the opinion that the cryptocurrency will return to resume its uptrend after observing a bounce above the support level of the channel.
However; there exists the second possibility as well. This is where the cryptocurrency may break below the channel instead of bouncing off, which will cause Litecoin to eventually fall below $10. The breakout towards the downside will only occur if the Bitcoin BTC the cryptocurrency king observes a price halving.
Disclaimer: The information provided is not 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.
