The Litecoin price line fell towards the $47.5 level, after which it rested between the $47 to $48.5 range until the 24-hour trade concluded. The crypto analysts on Trading View expect LTC price to retest stronger support levels and rise towards the $55 level.
1-Day Litecoin price analysis
The cryptocurrency traded near the $50.5 level at the start of the 13th of September. The price line gradually moved towards the $47 mark as the day proceeded towards its end. LTC closed the day’s trade at a price of $48.16.
On the 14th of September, the LTC price line did not see many variations staying well within the price levels between $47 and $48.5. At the time of writing, Litcoin is trading at $47.84 US Dollars.
LTC price movement; what to expect?
Trading View analyst Vince Prince believes that the LTCUSD pair will rise towards the $50 level. The analyst suggests that the cryptocurrency will either return to the ascending channel, or it will fall towards the global ascending support after which it is expected to rise past $49.
The analyst draws his analysis on the 4-hour time frame for the LTCUSD trading pair. Per the chart above, the cryptocurrency had touched the lower and the upper boundaries of the ascending channel several times. On the 13th of September, the price line fell below the ascending channel and moved towards the global ascending support.
The crypto analyst also highlights the 300-Day Exponential Moving Average (300EMA) as the still resistance, which gives LTC a more bearish edge. The cryptocurrency appears to be stabilizing from its bearish move during the first week of September. In order for the coin to turn bullish, the price line should move above this resistance and confirm a breakout.
What’s next for Litecoin price?
Solldy is another Trading View analyst who expects the LTC price to climb up on the charts. The analyst drew the technical analysis on the 2-hour chart for the LTCUSD trading pair.
Solldy expects the LTC price to rise on the 13th of September. The analyst laid the stop-loss order at $47.14, while the target price for this trade was marked at $56.54. The strong resistance level lies above the $55 mark and the analyst expects the LTC price to test this ascending resistance level.
If the LTC price breaks above this strong resistance and reenters the ascending channel, the cryptocurrency may rise past the $65 mark.
Will Litecoin price retest the $145 mark?
Another Trading View analyst Dupera suggests that the LTC price is in a strong support level above the $23 mark. The cryptocurrency is expected to test stronger support levels.
The resistance sell zone was marked at $84.4 as per the technical analysis, while the target price for this trade is at $145. Currently, Litecoin appears to be trading within buy zones, with a chance of retesting the $145 resistance. However, cautious trading is advised as always since the coin has not seen the $150 high since the halving event, and it is believed that the high was a result of halving frenzy.
- First Mover: Bitcoin Low Exchange Balance Looks Bullish, But Chart Looks Bearish as $11K Nears - September 28, 2020
- Bitcoin Network Only Has 2.5 Million BTC Left To Mine - September 28, 2020
- Huobi Guide & Exchange Review: How to Trade Options, Futures, and Perpetual Swaps - September 28, 2020