- LTC pirce rides near $81.45 resistance
- Litecoin price expected to fall to $66.33
- Altcoin assumed an uptrend during the day
The Litecoin price prediction by Show Gunn shows that the cryptocurrency will fall towards the $66.33 mark after being rejected by the resistance between $82 and $83.
1-Day Litecoin price analysis
The cryptocurrency’s price has seen a rise on the charts for the 19th of November. Before 10:00 GMT, the cryptocurrency traded below the $76 mark, after which it gradually moved towards the $80 level when it turned bullish. The price has seen an upward curve between 18:00 GMT and the time of writing, where the altcoin was priced at $81.35 US Dollars on Bitstamp.
The highest value for the cryptocurrency on the 19th of November was $83.60, while the lowest value was approached just before 10:00 GMT, at $71.51.
Litecoin price prediction: Fall towards $66 next?
The cryptocurrency has been trending upwards on a long trendline from March 2020. Multiple resistances can be seen highlighted on the chart below.
The cryptocurrency broke across the first resistance at $66.33 on the 14th of November. The altcoin is now testing the second target that lies between $82 and $83. Per the analyst, the altcoin is expected to fall bearish and see a pullback towards the support near $66.33. The cryptocurrency is then expected to bounce off this flat support and rise to higher resistances.
The idea provides two scenarios for this setup; according to the first scenario, the cryptocurrency will move towards the top of the setup that lies at $136. The test of the $136 resistance will follow a pullback towards the $103 mark. Per the second scenario, the cryptocurrency will test and break across each of the resistances and rise past the $150 mark.
Will Litecoin see a rise ahead?
On the chart below we can see that LTC has broken above a long symmetrical triangle pattern and it tests the $81.405 resistance marked on the chart.
If we look at the trading pair from the bigger perspective, the descending triangle pattern is formed inside a long ascending channel. If the cryptocurrency breaks above the triangle pattern, it will rise towards the upper boundary of the channel. The Relative Strength Index (RSI) has been ascending above a trend line as well, and the indicator is approaching 62.00. If the RSI breaks above this resistance, it will rise towards the overbought zone. This will occur in the case of an upward breakout of the triangle pattern. This is a long-term trade, and the upper boundary of the channel lies above the $1200 mark.
What to expect from LTC?
Chart below shows that the cryptocurrency has entered a short-position. The entry-level lies near the top of an ascending trend line, and a bounce from this level will cause the cryptocurrency to fall towards the support formed near the Moving Average highlighted in blue.
The target price for this traded is near the $32 mark, and the stop-loss lies at $116.825. For this trade to come into place, the cryptocurrency will have to turn bearish to break below the Moving Average and fall below the triangle pattern as well.