- Litecoin price prediction expects a rise to $106.
- Litecoin price is moving strong into a possible H&S.
- Strong support forming on $73 level.
The Litecoin price prediction by Skinwah suggests that the cryptocurrency will rise towards the $106.87 level on the completion of a possible inverse head and shoulders pattern. Other stable coins such as Ripple are also rising to new levels.
1-Day Litecoin price analysis
The altcoin market turned green on the 16th of November, and the cryptocurrencies turned towards the upside on their charts. The LTC price traveled towards the $74 level. At the time of writing, the cryptocurrency was priced at $73.25. The highest price for the 24-hour day was marked at $75.92, whereas the cryptocurrency fell to a day’s low at $61.08 at the start of the day.
What to expect from LTC?
We can see that the cryptocurrency is traveling inside a big broadening wedge from the end of April 2020. The first key resistance was marked at $68.50 for this trade setup, and the cryptocurrency finally broke above this resistance on the 16th of November.
The upper limit for the broadening wedge lies near the $84.50 resistance, and the analyst believes that the target price for this trade also lies at the same mark. Since the cryptocurrency has broken above the $68.5 resistance, the price is expected to turn bullish from here and reach the potential target that lies at the top of the trade setup.
Litecoin price prediction: Move to $106.87?
An inverse head and shoulders pattern has formed on the 1D time frame per the analyst. We can see the formation of the analyst’s chart below. The cryptocurrency is expected to turn bullish from here and move towards the $106 mark.
This huge inverse H&S pattern has been forming from Q4 2019, and the price has finally completed it in a year. The inverse H&S is a bullish pattern, and the price mostly moves towards the upside after its completion. The first target price lies at $106.87, while the bigger and the second target lies above $190.
Litecoin to see a breakout soon?
Looking at the chart below we can see that the LTCUSD pair is about to reach the end of a huge triangle pattern.
The cryptocurrency has moved towards the upper boundary of the triangle, and the analyst believes that it will bounce off and move towards the lower boundary from here. The 50-Day Moving Average lies near the lower boundary, which will provide enough support for the cryptocurrency to see another bounce at the bottom. The final bounce is expected to allow the cryptocurrency to move upwards and break across the triangle pattern. Once the cryptocurrency breaks towards the upside, the price will move towards the target price near the $100 level.
What’s next for Litecoin?
The chart shows that the cryptocurrency is supported by a very long trend line that originated in March 2020. The cryptocurrency finally approaches the first target price at $72.25 on the 16th of November.
The analyst marked the possible entry zone between the $63.36 and the $68.50 levels, while the weekly resistance was marked at $74. The cryptocurrency is currently testing the weekly resistance. The price is expected to move towards the next weekly resistance at $79.45, followed by another weekly resistance marked at $91.72.