- Litecoin price hits the $50 mark but unable to sustain.
- Litecoin is still set to rise above the $50 mark into an ascending channel.
- Increased volatility can be observed on the Bollingers Band.
The Litecoin price line varied between the $48 and $50 levels on the 17th of September. Clark is a Trading View analyst on Trading View who believes that the LTC price will see a rise past the $80 mark as a part of the long-term trade interval.
1-Day Litecoin price analysis
Litecoin traded at $48.27 US dollars on Bitstamp at the time of writing. At the day’s highest, the cryptocurrency rose to $49.57. In the last 24-hours, the cryptocurrency met its lowest value of $47.66.
What’s next from the Litecoin price?
The Trading View analyst Clark is of the opinion that the LTCUSD trading pair is ready to move towards the $100 level. The analyst performed their technical analysis for the LTCUSD trading pair on its 1-day chart.
The analyst states that the cryptocurrency currently sits on the 200-Day Moving Average (200MA). The moving average was previously held by Litecoin when it made the bull run in May 2018. A very strong support level lies at the $40 mark. The Moving Average Convergence Divergence (MACD) technical indicator is expected to observe a cross soon while the cryptocurrency’s price stands at the bottom of a rising trend.
Clark highlighted an ascending parallel trading channel for Litecoin. Per the idea, the cryptocurrency will break upwards into the ascending channel and from a year long descending trend line. This will allow the cryptocurrency to rise towards the $100 mark.
Will Litecoin break below the triangle trading pattern?
The Trading View analyst Funny Fx Making believes that the LTC price is currently moving inside a triangle pattern and it will soon break below trading pattern and fall towards the $40 mark.
Per the analysis, the upper boundary of the triangle pattern is a strong falling resistance, while the cryptocurrency has recently moved above a rotation channel with the high value of $48.44. The analyst believes that the lower boundary of the triangle will allow the cryptocurrency’s price to rise towards the upper resistance where the LTC price will test and bounce.
The bounce is expected to cause the cryptocurrency to fall towards the rising trend line and break below it. If Litecoin falls below the triangle pattern, it is expected to move towards the $40 support level, which is where a strong support level lies for the cryptocurrency. Currently, the falling resistance lies near the $53 mark for the LTCUSD pair.
Litecoin price technical indicators
Increased volatility can be observed during the first half of the 17th of September. This shows that the cryptocurrency’s price fluctuated more frequently during the time. The Relative Strength Index (RSI) on the hourly time frame was observed at 59.46 just at the time of closure.
At its highest, the RSI index moved to 78.96. This means that the cryptocurrency was slightly oversold at the time. At 13:15 GMT, the MACD technical indicator observed a buyer signal, after which the cryptocurrency showed increased volatility.
Disclaimer: The information provided is not a 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.
