- Litecoin price prediction expects a drop to $55.56 if support fails.
- Litecoin is facing strong resistance at the $62 mark.
- Strong support is found at the $59 mark.
The Litecoin price prediction by Vince Prince has suggested a downtrend towards the $55.56 level next. The price appears to be testing the $60 to $62 range, if the cryptocurrency gets rejected, the price will fall bearish.
1-Day Litecoin price analysis
The cryptocurrency was priced at $61.57 US Dollars at the time of writing on Bitstamp. The cryptocurrency observed a day’s high of $62.35.
Litecoin sees inverse head and shoulders
The inverse head and shoulder formation on the chart below indicates a bullish move on the long-term trade. The altcoin has already for the left shoulder and the head of the pattern, and now it is looking to complete the right shoulder of pattern.
The analyst suggested the possibilities of the formation of multiple patterns on the daily time frame. The inverse H&S pattern has been forming inside a potential double-bottom pattern or the W formation, both of which are also bullish indicators. The trade shows that the cryptocurrency is going to rise towards the $181.95 mark which is the long-term take profit for the altcoin. Looking at the chart, we can see that Litecoin has broken above multiple descending trendlines.
What to expect from Litecoin?
The Trading View analyst Amatiash drew a big triangle pattern on the daily chart for the trading pair. Per the idea chart, the cryptocurrency entered this triangle in April 2017, and it has trended towards the top of the chart triangle multiple times.
The crypto analyst suggests that the cryptocurrency is going to see a big breakout from this channel as the price volatility has decreased substantially, and the LTC price looks to concluding this triangle pattern. Currently, the altcoin is testing the upper boundary of the triangle, the analyst is of the opinion that the trajectory possesses enough momentum to break towards the upside right now. A break will allow the price to move across the $140 mark in the long-term trade.
Litecoin breaks above down-channel
The chart by Top Trading Signals on Trading View indicated a sell signal for the LTCUSD pair. The price was expected to turn bearish and fall below the $52 mark. Per the chart, the cryptocurrency has been trading inside a down-channel from the 24th of October.
The coin tested a flat resistance and the upper boundary of the channel on the 5th of November. The cluster of resistances was expected to make the price fall towards the downside; however, the cryptocurrency broke towards the upside and the price saw an abrupt increase instead of falling down on the charts. Currently, the cryptocurrency appears to be testing the $62 mark, and if it forms a support level near the upper levels, it will continue its uptrend.
Litecoin price prediction: What’s next?
Vince Prince’s idea for the LTCUSD pair suggests a downtrend ahead. The cryptocurrency broke out of a falling triangle and it has seen a continuous ascension ever since. Right now, the price is testing a cluster of resistances near $60 to $61 range.
This cluster could either cause the price to fall towards the $55.56 level, or the cryptocurrency could break towards the upside.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.