The Litecoin price line returned above the $44.5 level on the 23rd of September. Previously, the cryptocurrency had fallen below $42.5. Crypto analysts on Trading View are of the opinion that the LTC price will see an uptrend soon.
1-Day Litecoin price analysis
The Litecoin price line was observed at $44.63 US Dollars at the time of writing on Bitstamp. The price was recorded at a 24-hour low of $42.39.
Will LTC see an uptrend soon?
The Trading View analyst Mudrex is of the opinion that the LTCUSD pair will soon see an uptrend. The analyst used the 1-day chart for the trading pair’s technical analysis.
The LTC price has been moving between the midline and the lower Bollinger Band while obtaining support from the lower band. The Bollinger Bands have also been squeezing, which means that the LTC price will see an uptrend. The trade volume kept increasing whenever the price was decreasing, and it decreased as the price saw an increase. This means that the cryptocurrency is under strong selling pressure.
The Moving Average Convergence Divergence (MACD) line slipped below the signal line during the time, while the histogram size appeared right in the middle of the negative and positive regions. This suggests that LTC currently has a bearish bias. The Relative Strength Index (RSI) has been traveling near the 30.00 level for the past few days.
Currently, the RSI index was observed near 36.00, which means it’s still in the neutral region. The cryptocurrency is neither oversold nor overbought. Per the analyst, the cryptocurrency will see an increase in its price soon. The trade is currently active as the cryptocurrency formed a green bar on the 23rd of September.
What to expect from the LTC price?
The Trading View analyst Ghengis Kahn Spermshot is of the opinion that the LTCUSD pair will soon breakout of a descending triangle pattern that it currently appears to be trading in.
Per the chart above, the LTCUSD trading pair has been trading inside of a 2-year long descending triangle pattern. The crypto analyst believes that the LTC price will soon bounce above the support of the triangle pattern and move towards the descending trend line. If the cryptocurrency breaks above this triangle pattern, it is expected to rise towards the $130 mark.
Litecoin returns to $45
The Trading View analyst FXCM believes that the LTC price will rise to the $45 mark. The analyst marked the trade orders for the LTCUSD pair, while the cryptocurrency rested near the $43.2 level at the time of publishing.
The target price for the trade was at $45.01. On the 24th of September, the LTCUSD pair observed bulls and moved towards the upside. The entry-level for the trade was at $43.20, while the stop-loss order was placed at $42.78 by the crypto analyst. As the crypto market observed a bullish momentum on the 24th of September, the LTC price line moved upwards to reach the take profit level at $45.01.
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.