- Litecoin price prediction expects a fall to $46.
- Litecoin is quickly losing support above $50.
- The head and shoulder pattern is pulling bearish momentum.
The Litecoin price prediction by Solldy suggests a short entry for the cryptocurrency at the $56 level. The price is expected to fall towards the $45 to $46 range in this trade setup.
1-Day Litecoin price analysis
The price fell to a day’s low of $53.40 in the afternoon of the 29th of October. The cryptocurrency was priced at $54.62 US Dollars at the time of writing.
What to expect from Litecoin?
Project Syndicate highlighted a XABCD pattern on the charts and they expect the cryptocurrency’s price to move long towards the $60 mark next.
Per the analyst, the price correction is still underway, and this is a swing trade setup. The entry-level for the trade was set up near the $51 to $53 mark, and the price is expected to see a few losses over the next few days. Before the uptrend occurs, the analyst suggests traders short the cryptocurrency. The current sentiment for Litecoin suggests that the cryptocurrency will see a price pump towards the $60 mark. The take profit was marked at $59.75.
Litecoin price prediction: Short entry next?
Per Solldy’s analysis, Litecoin is looking to open a short trade on the H3 time frame. The cryptocurrency trades under a strong falling resistance that it has been testing for a while now. The analyst believes that the bounce from the resistance will cause the price to move towards the setup’s nearest support.
Per the charts, the nearest support lies between the $44 to $48 mark, and the cryptocurrency has entered this trade at the $56.47 level. The trade shows a sell signal for the coin, and the take profit is marked at the $45.74 level. The stop-loss was placed at $62.55, which is where the trade will be invalidated. However, the stop-loss lies above a very strong falling resistance, so it is unlikely that the cryptocurrency will rise to that level.
What’s next for LTC?
The cryptocurrency can be seen traveling inside a big descending channel that is highlighted below. The channel is sketched in a bigger triangle-like trade pattern, and the price is expected to go short towards the $45 mark next.
The price had reached the upper resistance, and it bounced off. This means that the price is expected to fall towards the trendline of the triangle. Bitcoin BTC has also approached the rising channel’s support line, which means that a probable turn may cause the altcoins to follow suit. The analyst expects the price to fall towards the $45 to $47 range next.
Litecoin technical indicator movement
The Relative Strength Index (RSI) closed at 54.00. This is the neutral zone for the cryptocurrency. The price is currently testing the upper Bollinger band.
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