- Litecoin price is likely to reach up to $58 in the current rally.
- LTC has broken past the $56 strong resistance.
- Strongest support is found at the $54.50 mark.
The Litecoin price prediction by Solldy suggests that the cryptocurrency’s price will rise across the $58 mark soon. The cryptocurrency rose past the $56 mark before closing the 24-hour trade.
1-Day Litecoin price analysis
The altcoin was priced at $56.60 US Dollars at the time of writing. The cryptocurrency rose to a day’s high of $56.01 on the 1st of November.
What to expect from Litecoin?
A massive descending channel formation can be observed on Vince Prince’s chart below. The cryptocurrency has been trending upwards in the down-channel for the past couple of days, and now it is testing the upper resistance of the channel.
Per the analyst, the cryptocurrency has met a cluster of resistances near the upper boundary. The price recently moved above the Exponential Moving Average marked in red, but the upper resistance is expected to cause the price to fall downwards. The backup cluster is formed near the 600-Day Exponential Moving Average marked in blue on the chart above, and the price is expected to confirm support here.
A bounce off is expected after this support confirmation, where the price will retest the upper boundary and break upwards to move to the $58 top of the setup. The stop-loss lies below the back-up cluster, at the $51.23 mark. So if the price falls below the backup cluster, this trade will be invalidated.
Litecoin price prediction: Fall towards $48 ahead?
Solldy has suggested a retest of the falling resistance at the $58.26 mark. The cryptocurrency has already tested this resistance four times, with only a successful break towards the upside, followed by a pullback.
The price is expected to move upwards next, and the analyst has said that the profitable week for LTC is coming to an end now. The cryptocurrency has to retest the resistance, which is strong enough to cause a bounce off and a downtrend for the altcoin. The target price is marked below the $48 level, which is where the ascending trendline lies.
What’s next for the LTC price?
A huge up-channel can be seen below on the weekly time frame sketched by the Trading View analyst Abrytan. The analyst believes that the cryptocurrency will exhibit a similar uptrend in 2017 and the start of 2018, as it appears to be moving towards the breakout of an important descending trendline.
The cryptocurrency moved towards the bottom of a huge channel in 2016, after which it broke towards the upside as soon as 2017 started. The cryptocurrency approached an all-time high during this time. The price has been trading alongside a similar descending trendline, and it is expected to break towards the upside by the end of 2020. If this breakout takes place, the cryptocurrency should move towards the $3000 mark.
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