- Litecoin price prediction expects a possible fall in price.
- Strong resistance found at the $76 level.
- Strong support found at the $68 level.
The Litecoin price prediction by Vince Prince shows that the LTC price will eventually fall to the $57 level. The cryptocurrency observed a descending trend on the 27th of November. Bitcoin price is still shaky amidst the new market movement marking uncertainity in altcoin market as well.
1-Day Litecoin price analysis
The LTC price was marked at $68.86 at the time of writing. The cryptocurrency rose to a day’s high of $73.67, while it fell below the $66 mark in the evening and approached a day’s low of $65.38. The overall trend by LTC on the 27th of November was bearish.
Litecoin price prediction: Fall to $57 ahead?
We can see that the cryptocurrency in ascending inside an up-channel and the analyst suggested that the cryptocurrency will see a pullback from the upper boundary and fall towards the lower boundary of the ascending channel.
The cryptocurrency had crossed an important descending trend line on the 14th of November, after which it saw major ascending movement on the charts and rose to the upper boundary of the channel. The LTC price was suggested to fall below the midline after seeing a rejection at the upper boundary. On the 26th and the 27th of November, the price has been able to move towards the midline of the channel. The next target price lies near the $56 to $58 range.
Per the analyst, there will be some sideways movement ahead which will follow another fall towards the lower boundary. The price is expected to meet support near the bottom of the channel where the black descending trend line intersects it. This back-up cluster should provide enough support to the cryptocurrency for it to bounce upwards and rise towards the upper boundary again.
What to expect from Litecoin?
The analyst believes that the LTC price will follow the BTC price movements and move towards the $60 mark next, which is where the nearest support level is located.
The technical indicators shows a bearish move ahead, and the cryptocurrency was rejected by the $94 resistance recently. Looking at the chart, we can observe multiple red candles that have caused the price to fall towards the $60 range. The nearest support lies between the $58 to $62 range from here, which was confirmed during the price run from the 15th of November.
What’s next for LTC?
An inverse head and shoulders formation was observed inside a triangle pattern and the price is now expected to ascend towards greater heights. The price is expected to rise above the $250 level as a part of a long-term trade setup.
The inverse H&S is a bullish indicator and the cryptocurrency has recently broken above the 3-year long triangle shown on the chart above. The price is expected to retest the recently broken trend line. A retest of the support will cause the price to fall next before it can see an uptrend. The eventual ascension that the cryptocurrency is supposed to see to complete the inverse H&S pattern will allow the price to rise across the $250 mark.