- Analyst suggests price to fall towards $76
- Litecoin price moved above the $80 mark
- LTC tests resistance at $81.45
The Litecoin price prediction by Vince Prince suggests a descent for the cryptocurrency. The analyst has stated that the price will turn bullish and fall below the rising wedge pattern, and towards the $76 level. Per the analyst’s idea, the cryptocurrency came across a high resistance level near just short of the $82 level.
1-Day Litecoin price analysis
The cryptocurrency observed sideways movements for most of the 18th of November. Just before noon on the 19th of November, the altcoin market turned bullish, and that is when Litecoin observed a bullish momentum and rose towards the $82 mark. The cryptocurrency was priced at $81.39 US Dollars at the time of writing on Bitstamp.
Per the chart above, the cryptocurrency was priced at a day’s high of $82.00, whereas the lowest price for LTC over this 24-hour trade was $68.54.
Litecoin price prediction: What’s next for LTC?
We can see the formation of a rising wedge on the chart below for the 2h time frame. The analyst believes that the cryptocurrency will approached the $81.85 resistance and then see a downtrend.
Per the analyst, the cryptocurrency has been trading inside of this rising wedge since the 10th of November. The trading volume has increased over the past few days, and the cryptocurrency has been ascending inside a rising wedge with a wave count. The upper resistance lies at the $81.85 mark, and the price should complete the final wave leg towards the upside and reach the upper-resistance from here. From the upper resistance, the cryptocurrency is expected to bounce and see a downtrend, which will cause the altcoin to break below the rising wedge.
Will Litecoin see a rise towards $146 ahead?
If we look at the chart below, we can see that Litecoin has broken above multiple trend lines. The analyst believes that the breakout has rendered the cryptocurrency bullish, and it will now gradually rise towards thee $146 mark.
The Relative Strength Index (RSI) is heading towards the overbought region, while it closed at 66.49. The Moving Average Convergence Divergence (MACD) line moved above the signal line, and the histogram size appears to be increasing in the positive region. This means that the cryptocurrency has a bullish bias. The price is expected to rise towards the $146.32 mark after the completion of this trade setup.
Litecoin technical indicator movement
The Bollinger bands showed an increase in the expansion during the first quarter of the 18th of November. During this time, the cryptocurrency’s price fell towards the day’s lowest. That is also when the LTC price was the most volatile during the day. Further expansion was observed near noon on the 19th of November when the LTC price turned bullish and moved towards $82. The price rests above the lower Bollinger band as support and the midline as the resistance. The Relative Strength Index (RSI) closed at 49.64, which is still the neutral zone for the altcoin.
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