Litecoin price prediction: LTC to fall towards $47, analyst

Tuesday 27 October 2020, 2:48 PM AEST - 1 month ago

Litecoin price prediction: LTC to fall towards $47, analystLitecoin price prediction: LTC to fall towards $47, analyst 17

  • Litecoin price prediction for $47 low.
  • Litecoin lost support above $56.50.
  • LTC price to go lower than expected.

The Litecoin price prediction suggested by Solldy shows that LTC will fall towards $47 as the price was recently rejected by strong resistance. The cryptocurrency observes a descending trend on the 26th of October.

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

The cryptocurrency was observed at a days low of $54.98. The altcoin traded at $57.20 at the time of writing.

Litecoin price prediction: Altcoin expected to fall towards $47

Solldy believes that the LTC price will fall towards the $47 mark soon. The analyst has highlighted a structure for the cryptocurrency that it has been trading in over the past 2 days.

Litecoin trended towards this structure on the 20th of October. The price lies below a very strong falling resistance line. LTC tested the resistance at four different points in the past, and it has been rejected. Each rejection caused the price to see a pullback towards the nearest support. The analyst believes that a similar pattern will follow for this fourth test of the falling resistance that was observed on the 25th of October. The cryptocurrency is expected to gradually trend towards the $47 level.

What to expect from Litecoin?

A triangle pattern can be observed on the chart below that LTCUSD has recently broken out of. The price is expected to see an uptrend while the technical indicators depict a bullish divergence as well.

The price has been trending above a long trendline since March 2020. The cryptocurrency met a falling resistance and it broke out of it in July, and then it trended towards another falling resistance that it broke on the 21st of October. The analyst expects the price to repeat its pattern and begin to rise on the chart ...

Read full story on Cryptopolitan

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.