In the latest Litecoin price prediction, LTC showed a bearish sentiment on the 12th of October, following its current uptrend since the 11th of October. Litecoin was unable to maintain the high above the $50 mark and, at the time of writing, stands at $49.77 mark.
The day started with a bearish figure of around $50.28 around 00:02 am GMT, and then moved into a downtrend towards $49.72 around 4:20 am. Litecoin price moved slowly towards $50.74 until 7:42 am GMT, but it was then unable to maintain the price high.
Litecoin price followed on to reach the lowest point of $49.39 around 11:00 am GMT, only to retest the $50.00 mark at 12:53 am GMT. This time it managed to go up to $51.31 at around 13:48 GMT, which is that day’s second-highest point. Further, the price started to decline gradually to hit $50.64 around 14:49 GMT, and then after constant fluctuation, it finally raised to the day’s high of $51.61 around 21:41.
Litecoin price prediction expects another pullback
Trading view analyst VincePrince explains in his latest Litecoin price prediction that the Litecoin 4-hour timeframe shows a pullback forming for LTC price movement. He confirms the rising wedge forming to the downside that would translate into a pullback on the LTC price charts.
Prince explains that the Litecoin is testing the remaining supports in the ascending channel pattern. If Litecoin succeeds there managing to form bounce-back support, we can expect it to be the origin point towards a breakout above the resistance. If the trend is strong enough, this can also lead to a breakout above the upper boundary.
He furthers that in the current price movement, it is inevitable that Litecoin retraces towards lower support levels within the ascending channel and does not fall below it. If the price falls below the ascending channel support levels found at the $48.20 mark, it will increase the bearish pressure.
Litecoin will first visit the lower boundary of the significant ascending-channel-formation, which is then the last reference for a bullish continuation because the channel will confirm below as a bear flag and heavy bearishness will occur.
Another major Litecoin price prediction comes from the analyst DoYouMine. Mine expects bullish results soon enough with a decent 20 percent spike in the trade volume to complement the newly forming high, which is “undeniably possible,” in his opinion. Mine also predicts that we could see LTC prices go up to approximately 64 dollars by the end of October.
He further explains that a high $84 is also very much possible by the end of the year. Which, in his opinion, means that November would be an excellent month for LTC/USD price pair. Mine finds the nearest support levels at $47.91, and $39.94 below that; however, the lowest support level is found near the $25.49 mark.
The market volatility and Bitcoin instability affect almost every other coin, which does not leave Litecoin out of the equation. Cautious trading is always advised as a necessary part of your trading activities.
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