Litecoin price depicts bearish signals near $48

Sunday 20 September 2020, 4:38 AM AEST - 1 month ago

Litecoin price depicts bearish signals near $48Litecoin price depicts bearish signals near $48 19

  • Litecoin price hits the $48 high once again.
  • Analysts expect a bearish incoming trend due to poor support levels.
  • Bollingers band showing volatility on the charts.
  • Litecoin price is likely to fall towards $45 after retesting $48 high.

On the 18th of September, the Litecoin price line tested a descending lower-high trend line.The price appears to be stuck between the 194-day long rising support and the LH trendline. The cryptocurrency traded near the $48 level over the 24-hour trade.

1-Day Litecoin price analysis

LTC price stooped to a low of $47.52 on the 18th of September. The cryptocurrency approached the days high of $49.06. At the time of writing, the LTC price was observed at $48.81 US dollars.

What to expect from Litecoin?

The Trading View analyst Vince Prince is of the opinion that the LTC price has hit a snag on the 1-hour chart. The lower-high trend line appears to be unbreakable at the moment for the cryptocurrency, while the coin has repeatedly been testing the 194-days old trend line (blue).

Per the analyst, if the cryptocurrency continues to test this rising trend line, it will continue to get weaker and the price line will eventually fall below this very important support, which has held it from falling bearish. Falling below this trend line will cause the cryptocurrency to observe a complete breakout towards the downside with heavy bearishness.

The descending trend line is currently a strong resistance for the cryptocurrency. The analyst believes that Litecoin needs to break above the descending trend line soon or else LTC will continue to show these bearish signs. The price line will be supported by the 60-Day Exponential Moving Average (60EMA) once it breaks above the descending trend line.

Whats next for LTC price?

The Trading View analyst DLavrov is of the opinion that the LTC price line will rise towards the $65 mark soon.

Per the chart above, the cryptocurrency tra ...

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