- Litecoin price prediction expects a fall towards $45.09.
- Current support levels are found at the $53.50 mark.
- Current resistance is found at the $54.40 mark.
The Litecoin price prediction by The Fathers Of Crypto shows that the cryptocurrency is going to fall towards the $45.09 mark after the cryptocurrency breaks below the triangle pattern. The price fell towards the $53.50 level on the 2nd of November.
1-Day Litecoin price analysis
The cryptocurrency traded at $54.12 US Dollars on Bitstamp at the time of writing. The lowest recorded price for LTC was $53.20 on the 2nd of November.
Litecoin ready to see a fall ahead?
Looking at the chart below, we can see that the altcoin is ready for a short-entry level near the $52 to $54 mark. The analyst believes that the cryptocurrency may soon provoke a weakening support, which may cause a break towards the downside. This break may lead to multiple retests of the supports found below.
Per the Fibonacci levels, the price should short towards the $40 mark, thus causing the price to break below the $45 support and move towards the $40.08 mark. The move towards the downside will follow a bounce off at the bottom support. This bottom support is likely to allow the cryptocurrency to return towards the $45 mark, which will be support-turned-resistance at that time.
What to expect from the LTC price?
Solldy’s chart shows that the price will see an uptrend before entering the short-term trade setup. Per the chart below, the price will move across the $58.00 level, where it will see a bounce-off. This bounce-off is expected to be followed by a downtrend, that will lead the altcoin towards the ascending trendline that lies at the bottom of the trade setup.
The altcoin has been supported by this ascending support line since April 2020. The cryptocurrency managed to move across the $55.00 mark to confirm support there twice in this period. Litecoin is now expected to return to the trend, as it could not break across the strong resistances that lie above and below the $60 level. This falling resistance is expected to be tested one more time before the cryptocurrency falls towards the ascending trendline that lies below.
In the long-term, this strong descending trend line at the top will approach the rising trendline at the bottom. That is when the price volatility will have decreased too much and the cryptocurrency may bounce off the bottom support to break towards the upside, and move across the falling resistance.
Litecoin price prediction: What’s next for LTC?
The chart below highlights a triangle pattern on the 4h time frame. The Trading View analyst The Fathers Of Crypto believes that the cryptocurrency will break towards the downside and move to the $45 mark.
The stop-loss lies above the falling upper resistance of the triangle pattern, at $57.37. The entry-level is at $55.67 for this trade, and this trade is a short opportunity for Litecoin. The take profit is marked at $45.096, and it lies above a falling support line at the bottom of the trade setup.
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.
