- LTC price rises above $61
- Litecoin price suggested to fall to $55
- Altcoin may see major breakouts soon per the analyst
The Litecoin price prediction by Mika K suggests that the LTC price will fall towards the $55 mark next. The cryptocurrency observed an uptrend after closing on the 12th of November.
1-Day Litecoin price analysis
The cryptocurrency was priced at $61.37 at the time of writing. The price rose past the $62.50 mark before closing the daily trade.
Litecoin price prediction: Fall up next?
If we look at the chart we can see that the cryptocurrency is traveling in an M-pattern, and it is expected to hit a descending trendline soon. Once the cryptocurrency approaches this descending trendline, it will head towards the $55.182 mark, which is where the target price was marked.
The analyst referred to Bitcoin‘s bullishness, and they said that Litecoin is only lacking by a tad bit. A wave count can be seen on the chart above, and the Fibonacci targets were hit properly by the LTCUSD pair. The fifth wave is forming as a downside leg, and it falls below the support marked at $56. The stop-loss can be placed at the $62.593 area, which is at a 2% increase in the price. Per the analyst, the risk to reward ratio for this trade is also very good.
What to expect from Litecoin?
A big triangle pattern is formed on the chart by Ambassador J from Trading View. The price entered this triangle on the 1st of May, and it has traveled in a wave-pattern ever since.
The price volatility has decreased by a lot and the cryptocurrency is now testing the resistance of the triangle. The Moving Average Convergence Divergence (MACD) line is crossing above the signal line on the 1M time frame. This is a bullish indicator for the cryptocurrency. The histogram size is also depleting in the negative region. Per the analyst, the cryptocurrency will look for a resistance level at around $65 after it is done riding the descending trend line. The price will gradually move towards the low $80s if the ascension continues for Litecoin. The analyst added that Bitcoin BTC dominance is required to fall before any altcoin can take hold of the market.
Breakout soon for LTC?
LTC is now approaching the 0.61% Fibonacci retracement level, and the price has been observing resistance between the $62 to $63 range.
Another descending triangle can be seen on the chart above while Bitcoin looks bullish. The analyst believes that LTC will break through the triangle and then face resistance below the $80 mark, but overall, the altcoin appears to be bullish per the analyst.
What’s next for Litecoin?
LTC was trading between the $57.80 support and a rising resistance, and the cryptocurrency has finally broken across it on the 12th of November.
The price had been varying in this range from the 9th of November, and it has finally made it across the rising trendline. Both the support and the resistance levels have been tested by the altcoin at various levels.