- Litecoin price predicted to hit $75
- Litecoin price pushing towards the resistance level at $61.45
- Litecoin breaking towards upside trend following long descending trendline
- Upside trend indicates Litecoin has entered long-term trade
The Litecoin price prediction by Bmeex Trader shows that the cryptocurrency is on its way to hit the $75 mark. The price was resting above the $61 level at the time of writing.
1-Day Litecoin price analysis
The LTC price was marked at $62.21 at the time of writing, and the cryptocurrency approached a day’s high of $62.01 on the 8th of November.
What’s next for Litecoin?
Looking at the chart below we can see that the altcoin is trading inside a broad up-channel, and the price has moved towards a strong resistance layer at the $61.45 level. Vince Prince expects the price to get rejected by this Fibonacci resistance that they have highlighted on their chart below.
Only recently, the price had been rejected by the upper boundary of the channel, and the cryptocurrency observed an abrupt downtrend below the same Fibonacci resistance. The price is expected to retest this resistance and fall short towards the bottom of the channel. The bottom of the channel is where the price will confirm support alongside the Exponential Moving Average, and this region will act as a back-up cluster for the altcoin.
The LTC price is expected to jump back towards the upside from this region, and this way the LTCUSD pair will complete its ABCDE wave after approaching the upper boundary of the channel. On this final push to the upside, the analyst expects the price to break across the Fibonacci resistance, and they believe that the price will test the top of the channel again.
Litecoin price prediction: Chances for a rise ahead?
Looking at another analysis for Litecoin, we can see that the price is expected to trend upwards per the chart below. The cryptocurrency observed an upward breakout over a week ago, and the price was rejected at the $64 mark.
Now the analyst expects the price to test the higher resistances as the Relative Strength Index (RSI) has achieved a good reset. The targets lie near the upper resistances, with the final take profit at the $75 mark for this trade setup. The stop-loss order is placed at the $6.31 mark, while the entry-level was at $58.76. The altcoin will have to test and break through the $61.78 and the $64.10 resistances to move towards the higher target.
Litecoin breaks above the major trend line
Per the chart below, the cryptocurrency has been trending below a very long descending trend line, and it has finally broken towards the upside. This means that the cryptocurrency has entered a long-term trade.
The analyst expects the price to enter another wave and rise past the $75 mark before seeing a pullback towards the current levels that it is trading at. However, such a major breakout will allow the cryptocurrency to gradually grow upwards.
What to expect from Litecoin?
We can see that Litecoin is trading in a big symmetrical triangle on the chart below, and the price is expected to either break towards the upside or see a pullback towards the support formed at $45.
The idea will come into play if the price breaks above the upper boundary of the triangle, and then follows a pullback towards the then newly broken trend line before it can rise upwards. The take profit for this trade setup is marked at $145.83, and the stop-loss is at $33.95.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.