- Litecoin price prediction optimistic for $63 high.
- Litecoin finds strong support at $58.6 mark.
- Strong resistance is found at the $59 mark.
The Litecoin price prediction by the Trading View analyst Diving suggests that the cryptocurrency will observe an uptrend towards the $63 mark, after which the price will descend to the $47 level. The coin recovered its price towards the $59 mark on the 24th of October.
1-Day Litecoin price analysis
The cryptocurrency formed an upward slope on the 24th of October, and the LTC price reached the $59.5 level. At the time of writing, the altcoin was observed at the $58.60 mark.
Litecoin price prediction: Where is LTC headed?
The LTCUSD formed a symmetrical on the weekly time frame, and the analyst believes that LTC will soon observe a pullback towards the $47 mark.
Per the chart, the price appears to be varying between the range of $47.33 to $62.82, and the cryptocurrency will test the $62.82 mark before observing the pullback. The volume trade volume increased with an increase in the price, while it decreased with a decrease in the price. This shows that buying pressure has strengthened.
The Moving Average Convergence Divergence (MACD) line has moved above the signal line that lies flat near the neutral region. The histogram size appears to be increasing in the positive region.
The LTC price varies in a large ascending channel showed in the chart below by the Trading View analyst Crypto Currency Alerts. A descending triangle also exists inside the channel, and the price appears to have reached the end of it.
As the charts predict, the cryptocurrency should break upwards because of the lower price volatility that it has reached over time. Litecoin entered the channel during March 2017. The Moving Average Convergence Divergence (MACD) technical indicator has observed a bullish crossover, which means that the cryptocurrency is close to observing a significant breakout.
The Relative Strength Index (RSI) also looks to break a resistance drawn on the scale, while it lies over 57.45. The RSI is currently in the neutral region. The histogram size is increasing in the positive region. The target price for this trade lies at $177.8, under a long-term position.
What’s next for the LTC price?
Inside a bigger falling channel, Vince Prince has highlighted an ascending trendline over which the price appears to have formed a head and shoulder pattern.
After confirming the head and shoulders pattern on the 21st of October, the price broke upwards and rose from the $48 mark, and moved towards $58. A triangle cluster formed near this region and the price tested the $57.95 level before breaking above it to reach above $59. On the 24th of October, the price has formed a downward candle, but it still appears above $57.95.
From a larger perspective, the price rests over the upper boundary of the broadening wedge pattern. If LTC holds this support, the price is expected to rise towards higher levels above the $60 mark.