On the 14th of October, Litecoin observed decreased price volatility and it was observed varying between the $49.4 and $51.2 levels. The Litecoin price prediction by FXCM suggests that the coin will move past the $55 next.
1-Day Litecoin price analysis
The altcoin did not observe much of a price action over the 24-hour trade. By the time of writing, the coin traded at $49.73.
Will Litecoin see an uptrend ahead?
The LTC price recently broke below an ascending channel that was marked from the 10th of October. Solldy had expected the price to observe ascension and move past $52 next.
Litecoin has been found trading near the lower edge of the channel. The price moved towards the stop-loss mark on the 14th of October, with a low of $49.67. The stop-loss order, which was placed at $49.57, has approached. The stop-loss order depicts the value of the asset where the traders should sell. However, this may also be a false breakout of the trading channel.
Where is Litecoin price headed?
LTC was expected to fall towards $49 after getting rejected by the upper resistance of the trading channel. The coin is to bounce back from this point and onto new heights towards $55.
The Exponential Moving Average has been supporting the LTC price and it is expected to move below the midline of the channel. The price trajectory will be directed towards the EMA-support after the rejection, which will then provide support to Litecoin and LTC will resume its uptrend. Vince Prince expects Litecoin to test and break past the $51.25 level. This uptrend will lead to multiple tests of the upper boundary of the ascending channel, which will eventually be followed by an upward breakout.
Litecoin still appears to be bullish in the view of some analysts from Trading View. Gator is one of such analysts and they believe that the LTCUSD pair is forming a bullish pennant pattern, which will soon be broken towards the upside.
Recently, the coin looked towards an upward breakout which was rejected by the upper resistance. Once LTC moves above this resistance, a bullish pennant pattern will be confirmed and the cryptocurrency will rise past the $57 mark. The target price for this trade was marked at $57.8. The trendline lies at around $50.55, which is where the cryptocurrency needs to confirm support after breaking upwards.
Litecoin price prediction for $55.77
Another analyst is of the opinion that LTC will see an uptrend towards the $55 mark. Per the chart below, the altcoin trades above an ascending trend line.
The buying entry-level for this trade was at $49.57, whereas the stop-loss was placed at $47.62. The first and the second take profit levels lie at $52.95 and $55.77. Per the analyst, Litecoin bounced off the $49.57 mark and now it holds the potential to rise to $55.77.
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