- Litecoin price prediction expects a reversal towards $49.
- Litecoin price is facing strong resistance at $46.80.
- LTC price finds strong support at the $45 mark.
The Litecoin price prediction by the Trading View analyst Signals S suggests that the cryptocurrency is looking to make a move towards the $49.03 resistance in the short-term. Previously, the cryptocurrency broke below the support structure near the $46.5 mark.
1-Day Litecoin price analysis
The cryptocurrency closed the day at a price of $46.21 US Dollars, recorded on Bitstamp. The price rose to a day’s high of $46.93 on the 7th of October.
What’s next for the LTC price?
The Trading View analyst Vince Prince suggests that the cryptocurrency is expected to rise towards the $50 mark following an uptrend. Per the analyst’s Litecoin price prediction, the LTC price is currently varying inside an ascending parallel channel sketched over the 4-hour chart.
A 400-Exponential Moving Average (400EMA), and a horizontal resistance line have formed a resistance cluster just short of the $50 mark. Prince is certain that the cryptocurrency will rise to this point and the high resistance will cause the price to observe a pullback. The occurrence of the pullback is expected to cause the cryptocurrency to drop towards the lower boundary of the ascending channel, which lies below the $47 mark.
If the bearish weakness of the cryptocurrency continues, then LTC price will break below the ascending channel instead of bouncing off the lower boundary to resume the uptrend.
Litecoin returns to $46.5
The Trading View analyst Solldy drew their technical analysis of the LTCUSD trading pair on its 1-hour chart. The crypto analyst’s Litecoin price prediction suggests that the coin will return above the support structure that the price broke on the 6th of October.
The chart shows that Litecoin was supported by an ascending trendline which lay below the support structure marked above $46.2. On the last day, the crypto fell below the support structure while the altcoin market observed bearishness. On the 7th of October, the coin recovered its trend and returned above the support structure formed near the $46.3 level.
Litecoin price prediction: LTC to hit $49 next?
The Trading View analyst Signals S believes that the LTCUSD pair will trend towards the $49.0 resistance next.
The analyst’s Litecoin price prediction laid the stop-loss at the $43.01 mark for this trade, while the target price was highlighted at $49.02. This trade is for a short-term move towards the $49.03 resistance, which, according to the analyst, will be the cryptocurrency’s next target zone.
What to expect from Litecoin?
The Trading View analyst Abrytan is of the opinion that Litecoin is going to repeat its move of ascension from December 2017. The analyst highlighted a similar pattern that is currently being formed on the LTCUSD charts.
Back in 2017, the cryptocurrency exhibited accumulation over a long ascending channel, after which it broke above the channel and moved towards the $370 mark. The analyst expects a similar move from Litecoin towards the end of this year. This Litecoin price prediction was drawn on the 1-day chart for the LTCUSD pair, and the target price for this trade was marked around $400.
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.
