Litecoin – Litecoin Price Prediction: Will LTC Fall Towards $ 57 Forward?
TL: DR breakdown
- Litecoin’s price prediction predicts a potential price drop.
- Solid resistance discovered on stage from $ 76.
- Robust $ 68 stage uncovered assist.
Vince Prince’s Litecoin price prediction shows that LTC’s price will eventually drop to the $ 57 level. The cryptocurrency noted a downtrend on November 27th. Bitcoin’s price remains shaky amidst the brand new market movement that marks uncertainty in the altcoin market just as well.
1 day Litecoin price evaluation
The LTC price was marked at $ 68.86 at the time of writing. The cryptocurrency rose to a daily value of $ 73.67, while it fell below $ 66 overnight and approached the daily low of $ 65.38. The overall pattern of LTC on November 27 was bearish.
Litecoin Price Prediction: Fall to $ 57 Forward?
We are able to see the cryptocurrency rising within an ascending channel and the analyst suggests that the cryptocurrency will see a pullback from the upper bound and fall towards the lower boundary of the ascending channel.
The cryptocurrency had crossed a vital descending line on November 14, after which it noticed the main upward movement on the charts and rose to the upper limit of the channel. The LTC price was poised to drop below the midline after seeing a rejection on the upper bound. On 26 and 27 November the price was able to transfer in the direction of the channel’s midline. The next target price is close to the $ 56 to $ 58 range.
According to the analyst, there will likely be a lateral forward movement that will be able to observe another fall towards the limit of decrease. The price is expected to satisfy the assistance near the bottom of the channel where the black descending line intersects it. This backup cluster should provide enough assistance for the cryptocurrency to bounce up and climb once again towards the upper boundary.
What to expect from Litecoin?
The analyst believes the LTC price will look at the BTC price shares and move towards the next $ 60 mark, which is where the closest assistance stage is positioned.
Technical indicators show a bearish transfer forward and the cryptocurrency has been pushed back from the $ 94 resistance just recently. If desired on the chart, we will observe a series of crimson candles that have pushed the price down towards the $ 60 move. The closest assist is between $ 58 and $ 62 which varies from here, which has been confirmed through the price executed since November 15th.
What will happen to LTC?
A reverse head and shoulder formation has been noted within a sample triangle and the price is now expected to rise in the direction of higher heights. The price is expected to rise above the $ 250 level as part of a long-term trade setup.
The inverse H&S is a bullish indicator and the cryptocurrency has just damaged above the 3-year long triangle demonstrated in the chart above. The price is expected to re-examine the newly damaged model line. A retest of the assist will cause the price to drop sooner than an uptrend might see. The eventual ascension that the cryptocurrency is expected to see to finish the H&S reverse sample will allow the price to rise throughout the $ 250 threshold.
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