Litecoin price prediction: LTC to fall to $56.89, analyst

The Litecoin price prediction by Solldy depicts a short position on the charts, and the price is expected to fall towards the $56.89 level. The cryptocurrency held above $59 through most of the trade on the 11th of November.

1-Day Litecoin price analysis

LTC was priced at $58.66 at the time of writing. The price fell to a day’s low of $57.76.

What’s next for LTC?

In another one of Vince Prince’s analysis for the LTCUSD pair, the cryptocurrency is expected to hit the top of the trade setup at $63.50 soon. If we look at the chart, we can see that the price has been trading inside a triangle pattern from the 5th of November, and its price variations have occurred in a wave-like pattern. The price has tested the top of the triangle multiple times, and it has also tested the bottom of the triangle in various instances.

The cryptocurrency is supported by the Exponential Moving Average marked in black, and the price may now bounce towards the upside. Since the cryptocurrency has already moved towards the end of the triangle, the price may escape the triangle this time while breaking above it. The breakout will be followed by a retest of the newly broken trendline, after which the price will bounce and move towards the top of the setup at $63.50. The stop-loss lies below the descending triangle formation, at $55.02.

Litecoin price prediction: Fall to $56.89 ahead?

Per Solldy’s analysis of the LTCUSD pair, the price is about to move into a short position and fall towards the $56.89 level.

The analyst highlighted a sell signal for Litecoin, and they believe that the cryptocurrency has hit a brief descending trendline that will lead the price towards the falling support marked right below. These green support levels are strong enough to withstand such downfalls of the cryptocurrency as they have been tested by LTC in various instances. The stop-loss for this trade was marked at $60.66, and the trade appears to be active as the price fell towards the $58 mark on the 12th of November.

Litecoin breaks above 2-year long trendline

A huge descending triangle can be seen on the LTCUSD chart below, the price has recently broken out of this triangle. The cryptocurrency is now expected to trend upwards like it did in 2017.

Higher resistances lie at $75, $110, $145, and above $250. The analyst expects the cryptocurrency to rise past these resistances, with about a 400% run towards the upside. This is because an important 2-year long trendline has been broken and retested. The analyst also stated that this trade will be extended over several months, and it may take Litecoin over 3 to 6 months to achieve the $275 target.

What to expect from Litecoin?

This analysis by Project Syndicate depicts a short movement on the LTCUSD charts. The analyst believes that the cryptocurrency will move towards the $65 to $78 range before it runs into heavy resistance.

There are two resistances to this setup, one lies at $65, while the next one lies at the $78 resistance. The second resistance is a very strong resistance, and it will reject the price, which will then fall towards the $30 to $35 region per the chart above.