- Litecoin price prediction for $47 low.
- Litecoin lost support above $56.50.
- LTC price to go lower than expected.
The Litecoin price prediction suggested by Solldy shows that LTC will fall towards $47 as the price was recently rejected by strong resistance. The cryptocurrency observes a descending trend on the 26th of October.
1-Day Litecoin price analysis
The cryptocurrency was observed at a day’s low of $54.98. The altcoin traded at $57.20 at the time of writing.
Litecoin price prediction: Altcoin expected to fall towards $47
Solldy believes that the LTC price will fall towards the $47 mark soon. The analyst has highlighted a structure for the cryptocurrency that it has been trading in over the past 2 days.
Litecoin trended towards this structure on the 20th of October. The price lies below a very strong falling resistance line. LTC tested the resistance at four different points in the past, and it has been rejected. Each rejection caused the price to see a pullback towards the nearest support. The analyst believes that a similar pattern will follow for this fourth test of the falling resistance that was observed on the 25th of October. The cryptocurrency is expected to gradually trend towards the $47 level.
What to expect from Litecoin?
A triangle pattern can be observed on the chart below that LTCUSD has recently broken out of. The price is expected to see an uptrend while the technical indicators depict a bullish divergence as well.
The price has been trending above a long trendline since March 2020. The cryptocurrency met a falling resistance and it broke out of it in July, and then it trended towards another falling resistance that it broke on the 21st of October. The analyst expects the price to repeat its pattern and begin to rise on the charts. The expected take profit for this long-term trade lies at $84.45.
What’s next for LTC?
Per Jairo Duque’s analysis, the cryptocurrency is near the conclusion of a big triangle pattern. The LTCUSD pair seems to have entered this pattern in Q1 2018.
The price appears to be close to testing the upper boundary of the triangle pattern. The analyst expects the price to break above the pattern and move towards $85. The technical indicators exhibit a bullish divergence as well. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, and the histogram size appears to be increasing in the positive region.
Litecoin technical indicators movement
The MACD line on the 1-Minute time frame has moved below the signal line; however, both the indicator lines to be moving upwards. The histogram size is also increasing in the positive region. The Relative Strength Index (RSI) closed near 35, which means that the coin is in a neutral region, where it stayed through most of the 24-hour trade.
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