- Litecoin price prediction expects a drop to $56.
- Current support levels found at the $60 mark.
- Current resistance stands at the $64.5 mark.
The Litecoin price prediction by Solldy shows that the price will return towards the $56 level after observing a pullback. This is because the crypto analyst believes that the altcoin may not yet possess enough bullish momentum to break across the $64 resistance.
1-Day Litecoin price analysis
The cryptocurrency was priced at $64.19 US Dollars at the time of writing. The cryptocurrency approached a day’s high of $64.83 during the 24-hour trade. The price fell to a day’s low of $58.64 at the beginning of the trade.
Litecoin price prediction: What’s next?
The cryptocurrency moved towards the $64.19 level on the 6th of November. The Trading View analyst Solldy suggests that the price will see a pullback after completing the testing of this level. The pullback is expected to lead the cryptocurrency towards the $56 mark.
A descending trend line can be seen falling below the horizontal resistance, and it is moving towards the lowered support structure formed below $50. The cryptocurrency had been testing this falling resistance from the 22nd of October, and it finally broke towards the upside on the 5th of November. The altcoin tested the $64.19 level on the 6th of November, and now the price is expected to return towards the falling trend line. The pullback is yet to come into play; however, it depends on Bitcoin’s movement over the next day, as to if the cryptocurrency will turn bearish or not.
Litecoin to see a breakout soon
The cryptocurrency has formed a triangle pattern on the chart below. The Trading View analyst Tilen expects the price to break above the triangle and reach new heights for this year.
The triangle began forming on the 19th of December in 2017, the volatility of the cryptocurrency’s price has gradually lowered over time until it came to the end of the triangle. The Relative Strength Index (RSI) has just moved above 70.00, which means that the coin is now in the overbought zone.
Looking at the Moving Average Convergence Divergence (MACD) line, we can see that it has crossed above the signal line on this time frame and the histogram size is increasing in the positive region. This is a bullish indicator, and the cryptocurrency is expected to rise towards the upside following the breakout that recently occurred. Per the chart, the cryptocurrency should rise towards the $349.932 target price in the long-term move.
What to expect from Litecoin?
An up-channel can be seen on the chart below, and the price is expected to rise after breaking above a triangle pattern that has formed inside the channel. The analyst believes that the price will eventually see a rise towards the $405.9 mark.
If we look closely, the price is supported by and it is also riding the 50-Day Moving Average. The cryptocurrency has approached the end of the triangle pattern, and it will now break towards the upside. The target level was marked at $405.91 for this trade setup, which is where the midline of the up-channel lies. If Litecoin continues rising in this up-channel, the price will eventually break across the midline and move towards the $12182.994 by 2022 per the analyst.