The Litecoin price prediction by Vince Prince suggests an increase in the price toward the $68.47 level. The cryptocurrency saw an increase in price just after closing the trade for the 10th of November.
1-Day Litecoin price analysis
The LTC price was marked at $59.22 at the time of writing. The cryptocurrency rose to a day’s high of $60.22 over the daily trade.
Litecoin price prediction: What’s next?
On Vince Prince’s chart, we can see a huge ascending triangle forming with two descending triangles inside of it. The cryptocurrency should break towards the upside and move bullish next, per the analyst’s idea.
LTC entered the main triangle on the 11th of October, and it has observed a wave-like pattern of ups and downs inside this blue ascending triangle. The price is heading towards the bottom again, and it is expected to hit the $56.80 level which is also where the backup lies. The support region consists of the bottom of the ascending triangle and the Exponential Moving Average that has been tracing along this level ever since it originated.
The price will bounce off and move out of the second descending triangle to rise towards the upper boundary of the main triangle. This rise is expected to follow a third pullback, which may also be in the form of a descending triangle. This final descent will also be the result of a possible short-entry position at the top of the main triangle, at $68.47.
Litecoin to breakout soon?
Two triangles can be seen on the chart below. The price broke out of the first triangle back in 2017, where it rose toward its all-time high. The analyst expects a similar rise on the LTC charts.
The volatility of the price has lowered by a lot, and the price has almost concluded the second triangle. The trade volume can also be seen on the chart above, and the analyst believes that the price will now make a run towards the upside right after the breakout. This is an idea for a long-term trade, with a target above the $4000 mark.
What to expect from LTC?
Chart below indicates an immediate rise in the cryptocurrency’s price up next. The cryptocurrency should rise to the $75.13 mark if the cryptocurrency plays according to this idea by Sieg Kamgo.
Litecoin entered this trade at $59.21, and the stop-loss was placed at $54.13. The cryptocurrency has not made any major strides towards the upward direction yet. The 50-Day Moving Average moved above the upper Bollinger band as the price tested the midline and held support by the lower Bollinger band. The analyst suggested that if the cryptocurrency breaks the $62 mark, then it will rise towards $75.13.
Litecoin technical indicator movement
The Relative Strength Index (RSI) closed trade at 40.79, which means that it is still in the neutral region. The RSI rose above 80 at the beginning of the 11th of November, thus indicating an oversold altcoin.