The altcoin continues to ascend on the charts with minor pullbacks. The Litecoin price prediction by Kyler suggests that Litecoin is looking to move towards the $56 mark next. Previously, the cryptocurrency made its way past the $50 mark. In the afternoon of the 12th of October, the currency held firm above the $51 mark.
1-Day Litecoin price analysis
Litecoin briefly depreciated on the 12th of October, where it slipped below the $49.50 mark near the afternoon. The altcoin made a run with the bulls shortly after the drop, and it reached a day’s high of $51.39. The coin has been stable over the $51 level until the time of writing, where it trades at $51.18.
Litecoin price prediction: What’s next for the LTC price?
The cryptocurrency has been observed testing resistances over the past weeks. The coin finally moved above the $50 mark after prolonged anticipation for it to cross over. Currently, the altcoin has been varying near and above the $51 mark. Analysts believe that the cryptocurrency will soon make its way past the $55 level. A similar idea by the analyst Kyer suggests that the cryptocurrency is heading towards the $56.33 mark under an ascension move.
Kyer believes that LTC will see a minor price correction that will lead it towards the $48.58 level before it pushes towards the higher resistances. The monthly horizontal resistance was marked at $56.33 for this trade. Litecoin has confirmed bottom support at $41.77.
What to expect from LTC?
A large descending triangle appears to have formed on the 1-week charts for the trading pair. The Trading View analyst Eternal Sala is expecting the cryptocurrency to observe a breakout towards the upside.
A breakout above this trend line would trigger a bullish move, allowing the cryptocurrency to test higher resistances. The trendline appears to be curved upwards. If the price trajectory moves above this curve, the coin will test the $75 resistances and those above that. A breakout above this 2-year triangular trend line will allow LTC to move past the $275 mark. Such a breakout could also let Litecoin reach for newer highs.
Litecoin forms ascending triangle
In another scenario, an ascending triangle has also formed on the daily timeframe for the pair. From the 13th of September, LTC appears to be trading above an ascending trendline.
A resistance region has been highlighted above the $51.3 level. LTC price has been testing this resistance while varying inside the ascending triangle. Previously, the coin got rejected by the resistance on the 12th of September and made its way towards the ascending support. Currently, it appears to be testing the resistance again. If the resistance rejects Litecoin again, the price will fall towards the ascending support. This fall in price may lead to a final upward breakout.
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