Litecoin price prediction: LTC to hit $51, analyst
- Litecoin price hits the $46 mark, but unable to find support.
- Strong support is found at the $45.50 mark.
- Analyst believes LTC price is ascending towards $51.
- Litecoin is going through a tough support level and can sway sideways as well.
The Litecoin price traded above the $45.5 level through most of the 24-hour trade. While major Litecoin price prediction reveals that the cryptocurrency is likely to hit the $51 mark.
The cryptocurrency observed a bullish momentum near noon on the 25th of September, after which it rose past the $46 mark. On the 24th of September, the price was observed moving towards the $45 mark.
1-Day Litecoin price analysis
Litecoin was priced at $46.07 US Dollars at the time of writing. The price rose to the day’s high of $46.53 on the 26th of September. The 24-hour low was observed at the $44 mark.
Litecoin price prediction: LTC to see a rise towards 51?
Explaining his Litecoin price prediction, Trading View analyst Rohan Jas is of the opinion that the LTCUSD trading pair will rise towards the $51 mark soon. Per the analyst, the cryptocurrency recently broke above a descending trend line on the 24th of September.
The analyst believes that the cryptocurrency has entered an ascending parallel trading channel and that it is currently moving towards the $47 resistance to test it. The LTC price is expected to break above this resistance and rise towards the $51 mark, where it will test another resistance level. The target price for this trade was marked at $51.44, while the stop-loss order was laid at $41.4.
What to expect from the LTC price?
The Trading View analyst Parsah believes that the LTC price will form an ascending parallel channel and rise past the $130 mark on the long-term trade. Per the analyst, the cryptocurrency has confirmed a support structure near the $34 level, while it currently trades above an ascending trend line near $40.
The price is expected to enter an ascending parallel channel that may lead the cryptocurrency towards the resistance structure between the $130 and $160 levels. If this idea comes into play, the pattern that will be formed between the support and resistance structures will be of a cup without its handle.
Litecoin price prediction: Will the LTC price fall to $40?
Another major Litecoin price prediction expect bears to take over soon. Trading View analyst Velmunis believes that the LTC price will see a fall towards the $40 support after falling below a descending channel. The analyst used the 4-hour chart of the LTCUSD pair for its technical analysis.
Per the analysis provided above, the cryptocurrency fell on the 3rd of September after forming a head and shoulders pattern. The cryptocurrency then entered a triangle pattern, from which it broke out on the 11th of September. The LTC price has been trending close to a minor trendline until the 21st of September when it touched the bottom of the descending channel highlighted in the chart above.
The analyst believes that Litecoin will continue its trade close to the upper boundary of the descending channel, and it will fall towards the $39.28 mark once the channel is completed.
Litecoin price prediction: What’s next for Litecoin?
Another Litecoin price prediction comes from the Trading View analyst Hesha Mahli, who is of the opinion that the LTC price will fall towards the $40 mark while trading inside its current descending channel.
Per the analysis, the price will travel above the midline of the descending channel, after which it is expected to form a long-term Elliot wave projection which will allow the LTC price to break above the descending channel. If this breakout takes place, the price will rise towards the $53 resistance.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.