Litecoin price stoops to $44, what to expect?

Tuesday 22 September 2020, 1:34 AM AEST - 1 month ago

Litecoin price stoops to $44, what to expect?Litecoin price stoops to $44, what to expect? 19

  • Litecoin price continues to fall in the descending channel.
  • Expert expect a continuation in the descending channel.
  • Litecoin is travelling in an already ascending channel.

The LTC price was expected to fall bearish after observing a breakout towards the downside. The price line fell to $44 on the 21st of September. On the 20th of September, the Litecoin price line had gradually stepped towards the $47 mark.

1-Day Litecoin price analysis

At the days lowest, the cryptocurrency was observed at $43.67. Litecoin was priced at $44.12 US Dollars at the time of writing on Bitstamp. Whereas, the 24-hour high was observed at the $48.50 mark before the current bearish trend.

Litecoin breaks below descending triangle

The Trading View analyst Harison depicted that the LTCUSD pair will drop towards the $44 level on the 1-hour chart for the trading pair. The analyst had highlighted a descending triangle pattern for the cryptocurrency.

The cryptocurrency has been trading inside the descending triangle since the 12th of September. The price line had previously tested the upper and lower trend lines of the trading pattern. The price entered this trade at the $48.58 level.

Per the analyst, the cryptocurrency was going to fall below the triangle pattern and confirm the breakout after moving below the support structure between the $46 and $47 levels. The price line moved below the support structure on the 21st of September and fell towards the $44.22 level. The target price for this trade is $43.63 US Dollars.

What to expect from the LTC price?

The Trading View analyst Bitcorn Ben drew the trading ranges for the LTCUSD pair. The analyst marked important support and resistance levels on the 4-hour chart for the trading pair as well.

The top side of the marked trading range was at $52.39, whereas the bottom side of the range was shown to be at $45.22. The ...

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