- Litecoin price moving in a descending channel at the time of writing.
- Litecoin price predictions expect a break out into the asceding channel soon.
- Major support found at the $45 mark.
- Litecoin can go as high up as $60 if the current scenario persist.
1-Day Litecoin price analysis
At its highest, Litecoin was observed trading at $46.56 US Dollars at noon on the 25th of September. The cryptocurrency traded at $46.31 US Dollars at the time of writing on Bitstamp.
What’s next for Litecoin?
The Trading View analyst Solldy is of the opinion that the LTC price will break above an ascending resistance, after which it is expected to return to a greater ascending channel for the LTCUSD pair.
The analyst drew this technical analysis on the 10-hour chart for the cryptocurrency. The LTC price had slipped below the ascending trendline on the 21st of September. This support was turned into a resistance level and the price fell to another descending support level that lay beneath the support-turned-resistance.
The price has been supported by this green trend line ever since and the analyst believes that the LTC price will soon attempt to test the ascending trendline, after which it is expected to observe a breakout and move towards the bigger ascending channel shown in the chart above.
LTC price breaks above ascending parallel channel
The Trading View analyst Vince Prince is of the opinion that the LTC price will see a downtrend after rising towards a resistance cluster that was highlighted near $45.
The LTC price varied inside an ascending parallel channel, while it was expected to complete a wave pattern per the chart above. The analyst marked a resistance cluster formed by a horizontal resistance and the upper ascending trendline of the ascending channel. The analyst believes that the cryptocurrency will turn bearish after reaching the resistance cluster, where it will bounce off and return to the lower boundary. The original target price for this trade was marked near the $39 level.
However, on the 25th of September, the price rose towards the upper boundary of the ascending channel and broke past it. Currently, the price seems to be above the resistance cluster, which means that if LTC confirms a support level here, it will continue its uptrend.
Litecoin price sees extension of wave
The Trading View analyst Cycle Wave is of the opinion that the LTC price will fall towards the $40 mark.
The analyst highlighted a wave pattern on the 30-minute chart for the LTCUSD pair. Per the chart, the price had recently broken above a rising wedge pattern and it was soon going to see a correction towards the $40 mark. However, the cryptocurrency saw bulls on the 25th of September and the price observed an extension of the wave pattern towards the upside. The cryptocurrency met the $46 mark instead of seeing the correction towards the $42 level. This means that the B wave from the chart above came into play.
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.