- Litecoin price gradually rising up in the ascending channel.
- Litecoin likely to retest the $64 mark.
- Despite lowered volatility, Litecoin still shaky on the long term charts.
The Litecoin price line varied near $48 on the 16th of September. The cryptocurrency showed mild fluctuations in its price over the 24-hour trade. Solldy, a crypto analyst on Trading View, is of the opinion that the LTC/USD pair will retest the $64 resistance.
1-Day Litecoin price analysis
The cryptocurrency’s price varied between the $47 and $49 levels on the 16th of September. The cryptocurrency rose to the day’s high at $49.57 US dollars in the past 24 hours, after which it gradually returned below the $48.5 mark. At the time of writing, the LTC price was observed at $48.10 US dollars.
What to expect from LTC?
The Trading View analyst Solldy drew an ascending parallel channel on the 4-hour chart for the LTCUSD trading pair. Per the analyst, the cryptocurrency has recently fallen below the ascending channel, and it is expected to return to the trading channel soon.
Per the chart above, the LTC price has been varying inside the ascending channel since March 2020. The price line slipped below the lower boundary of the channel in June and returned to the channel in late July. The important resistance structure lies near the $64 mark.
Solldy expects the price line to gradually move towards the ascending channel after observing a few sideways movements. If the LTC price makes it to the ascending channel and breaks through the uptrend, it will attempt to test the $64 mark. The $64 resistance is an important resistance for the trading pair and breaking it will allow the currency to turn highly bullish.
Will Litecoin’s price fall below $10?
Another Trading View analyst Marty Boots believes that the LTC price line will fall below the $10 mark in a long-term trading pattern. However, the likelyhood is not supported by any other major analysts.
The analyst highlighted a falling wedge pattern. The cryptocurrency tested the falling resistance shown in the chart above on the 20th of June, 2019. On the 1-day chart, the cryptocurrency’s price has been oscillating between the support and resistance ever since 2019 began.
Per the analyst, the LTCUSD trading pair will fall below this trend line once it becomes a 2-year long support. The target price for the trade lies at $9.5 US Dollars.
Litecoin price technical indicators
The Bollinger Bands observed expansion just before the date turned to the 17th of September on the calendars. The price line appeared bullish and the price rose past the $49.5 level. At the time, the trading pair observed increased volatility, as depicted by the Bollinger Bands technical indicator.
The volatility decreased as the day progressed. Increased expansion can be observed again near 10:00 GMT. The price line dropped towards the lower Bollinger Band just before the day’s closure. At the time, the cryptocurrency traded near the $47.90 level.
At 00:50 GMT, the trading pair observed a seller signal. Just before the 17th of September began, the Moving Average Convergence Divergence (MACD) technical indicator showed a bullish divergence on the charts.
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