- Litecoin price prediction expects a rise to $57.
- Current support is found at the $54 mark.
- Strong resistance if found at the $55.50 mark.
The Litecoin price prediction shows that the cryptocurrency will return above the $57 mark soon. The cryptocurrency settled above the the $53.5 mark on the 30th of October.
1-Day Litecoin price analysis
Litecoin was priced at $54.32 US Dollars at the time of writing. The price fell to a day’s low of $53.71.
Litecoin price prediction: Uptrend towards $57 next?
Looking at the chart below, we can see that Litecoin formed a head and shoulders pattern in the big descending channel, on a rising trendline. The price broke out of the channel on the 21st of October and then got rejected near the $58 mark, after which it has now reached above the support formed at $52.30.
The cryptocurrency has started to bounce off a little bit near the ascending trend line marked at $52.30. This bounce-zone has multiple supports, a horizontal one, the ascending trendline in blue, and the 70-Day Exponential Moving Average marked in red. When the cryptocurrency approaches here, it is expected to cause the price to rise upwards with sideways movements once the altcoin gets proper demand in the area.
Per the analyst, the cryptocurrency should not drop below this area, or it would turn very bearish and possibly fall below the ascending trendline as well. The upward bounce will allow LTC to test higher resistances and move towards the $60 mark.
What to expect from Litecoin?
Looking at the chart below, we can see that Litecoin has formed a wave-like structure over the 2D time frame. The cryptocurrency is facing resistance by the descending trendline marked in red, which lies short of the $67 level.
The price trajectory is in a tight trend line and pivot range, and if it falls towards the downside, it will test lower supports or form new ones here. In that case, the cryptocurrency may move towards the $44 mark. Currently, the setup looks like a falling channel, and the price appears to be testing the midline. Any upward break will allow the price to move towards the upper boundary of the channel.
What’s next for the LTC price?
The price appears to be testing the support formed between the $52.50 and $55.0 levels, and the cryptocurrency is expected to form a selling signal here.
The sell signal will have the entry-level near this support, while the price is expected to go short and fall below the $47.50 mark. The target price lies near the ascending trendline at the bottom of the setup. This trendline is expected to grow stronger upon this retesting. The stop-loss for this trade should be marked above the $55 level, which is if the cryptocurrency bounces off the support level that it is currently trading near.
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.