Litecoin price prediction: Move to $55 ahead, analyst

• Litecoin price rises toward $60
• Litecoin price set to fall to $55
• LTCUSD market geared towards long-term trade

The Litecoin price prediction by Tree Trader suggests the price will fall towards the $55 mark next. The cryptocurrency rested above the $58.50 level by the end of the 24-hour trade.

1-Day Litecoin price analysis

Litecoin was priced at the $59.33 mark by the time of writing on Bitstamp. The price fell to a day’s low of $57.44 US Dollars.

What’s next for the LTC price?

The cryptocurrency rose past a resistance structure placed between the $60 and $61 levels on the 1h time frame for the LTCUSD pair. The LTC price topped at the $64 resistance, after which it saw rejection and returned below the resistance structure that it previously broke. The price has been trending near the bottom of the resistance structure from the 7th of November, and the

A falling trend line lies at the bottom of the trade setup and the price is expected to move to this trend line now. This is an old trend line and it consists of a strong support level, so the price will most likely not be able to break the trend line, instead, it will see a price bounce here.

The take profit was marked above the $55.0 mark. The upper resistance for the trade setup is at $64.00. The price has not been able to break across the zone that is formed on the 22nd of October ever since it fell on the 7th of November. The price has already fallen from this zone quite a few times and now it will fall towards the strong support line.

Litecoin price prediction: Fall to $55 ahead?

Another analyst from Trading View believes that the price will fall towards the $55 to $56 zone next. The cryptocurrency recently tested the resistance zone formed in the $63.50 to $65 range. The price was rejected and it saw a pullback, per the 4h time frame shown below for the LTCUSD trading pair.

The strong support zone lies between $50 to $53, and the cryptocurrency is to fall towards the support between $55 to $56 if the price breaks and falls below $58. This is because the LTC price settled above the $58 mark on the 9th of November, and the cryptocurrency will move upwards if it holds above the $58 level. The Relative Strength Index (RSI) is still neutral for the coin on this time frame. This trade opportunity marks the opening for a short position on the LTCUSD charts.

What to expect from Litecoin?

The Trading View analyst Ayo Interactive believes that Litecoin has been trading in a big triangle pattern for multiple years. The altcoin broke above the upper boundary and it is now retesting the broken trend line and consolidating above it. The 200-Day Moving Average is a resistance for the cryptocurrency here, while it also showed a bounce on the 4h time frame.

The analyst expects the price to bounce above the newly formed support and the 200-Day Moving Average so that the cryptocurrency trends upwards. This trade is expected to come into play, where the LTC price will rise towards the top of the channel by this week or the next.