Litecoin price drops to $46.5, what to expect?

Monday 21 September 2020, 5:36 AM AEST - 1 month ago

Litecoin price drops to $46.5, what to expect?Litecoin price drops to $46.5, what to expect? 19

  • Litecoin price analysis unable to sustain the $48 high.
  • Litecoin briefly sees $49 high, losing strong support for $48.
  • Analyst believe, Litecoin price to show a reversal.

The Litecoin price line observed price continuation over the $48 mark on the 19th of September. Grevling is a Trading View analyst who believes that the LTC price will soon test the resistance level near $57.

1-Day Litecoin price analysis Litecoin price chart by Trading View

Litecoin traded at $46.96 US Dollars at the time of writing on Bitstamp. The cryptocurrency observed the days high at $49.01 US Dollars on the 19th of September.

Whats next for Litecoin?

The Trading View analyst Grevling is of the opinion that the LTC price will break above the descending triangle pattern soon. The breakout is expected to lead the cryptocurrency towards the $57 mark.

The cryptocurrency has been trading inside the descending triangle from the 12th of September. Once the LTC price breaks above this descending triangle, it will turn bullish and rise towards the $56.90 resistance level. The crypto analyst believes that the LTCUSD trading pair will test the resistance twice before it can finally break out the third time. This trade is a long-term trade for the cryptocurrency.

A confirmation of the breakout above the $56.90 mark will allow the cryptocurrency to eventually rise towards the $84.73 level.

Will Litecoin observe a double bottom pattern?

The Trading View analyst Utku Yucel believes that the LTC price may depict a double bottom pattern soon. The analyst highlighted the cryptocurrencys trade inside a triangle pattern on the 1-day chart for the LTCUSD trading pair.

The cryptocurrency approached this triangle pattern in March 2020, while it has been trading closer to the ascending support line (blue) until the price turned bullish in August. The cryptocurrency tested the descending resista ...

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