- Litecoin price prediction coming in strong for a downtrend.
- Litecoin hits the $50 mark but unable to sustain.
- Strong support found at the $48 mark.
The daily Litecoin price prediction the analyst Vince Prince suggests the cryptocurrency will return to the $46 mark soon. The cryptocurrency seems to have hit multiple resistances near the $50 mark. It was long-anticipated that the cryptocurrency will test the $50 resistance.
1-Day Litecoin price analysis
The altcoin finally made a bullish run for the $50 mark, as anticipated over the past weeks. The cryptocurrency began its uptrend during the afternoon of the 9th of October, while the bulls kicked in with a higher momentum by the start of the 10th of October. As these lines are being written, the cryptocurrency holds support above the $49.5 mark.
An upward breakout ahead?
A triangle that has formed on the 1-week chart for LTC appears to be concluding soon. Faibik the Trading View analyst suggests that LTC will break above the symmetrical triangle pattern soon.
The 2-year triangle began forming when LTC approached its all-time high in December 2017. The chart shows LTC accumulating near the end of the triangle where it is also expected to move towards the resistance to test. Given this trade pattern, the cryptocurrency should build enough bullish momentum to break towards the upside and rise above the triangle pattern. The analyst is of the opinion that LTC will reach for the $200 mark after the breakout occurs.
Litecoin price prediction: What’s next for LTC?
Per the idea by Vince Prince, the cryptocurrency has hit a number of resistance levels near $50. In the ascending channel forming on the LTC charts, the price is expected to fall short towards $46 due to the increased resistance.
While LTC price appears to be forming a wave pattern inside the ascending channel formation, the horizontal resistance in red and the Exponential Moving Average have acted as high resistances for the cryptocurrency. The cluster formed may be too hard for the cryptocurrency to break, which means that the price is expected to move towards the lower end of the ascending channel next. There is also a possibility of a short-entry level to come up next to the $48 mark, which is where the midline of the ascending channel lies.
What to expect from Litecoin?
Another analyst, Club Trillionair is of the opinion that LTC will test resistances towards the upside next. In their idea, the analyst marked the next target prices for the cryptocurrency at $51.36 and $58.23.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators have observed an ascending trendline on their scales. The price has been supported by an ascending trendline which will allow LTC to move towards the $60 mark, per the analyst.
Litecoin expected to fall short to $49
In another one of their short-term analyses for LTC, Solldy has depicted that LTC will make a short-term move towards the $49 level soon.
Previously, the cryptocurrency was expected to test the $50 resistance. An ascending trendline which was converted into a support by the cryptocurrency is expected to be met after LTC falls short.
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.
