Litecoin price prediction: LTC may fall towards $65, analyst
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TL:DR Breakdown
- Litecoin price prediction expects a likely fall towards $65 next.
- Litecoin is getting stable after a fall from the $92 level.
- Strongest support is currently found at the $80 level.
The Litecoin price prediction by Ok Ami Marketing suggests a fall towards the $66.37 mark next. The analyst highlighted a double top pattern on the 4h time frame for the trading pair. On the 1st of December, the cryptocurrency fell towards the $80 mark. On the other hand, Bitcoin price is now stabilizing which might provide some reconciliation to the cryptocurrency.
1-Day Litecoin price analysis
The LTC price was observed at $85.42 at the time of writing. The cryptocurrency rose to a day’s high of $92.89 on the 1st of December, while the day’s lowest for the cryptocurrency was $80.01. The price observed an abrupt fall when the whole cryptocurrency market saw the price dump on the 1st of December near noon. The overall trend for the first day of the last month of 2020 has been bearish, and the cryptocurrency rests above $84.
Litecoin price prediction: Double top pattern?
The Trading View analyst Ok Ami Marketing believes that LTC will move into a short position as the cryptocurrency has just observed a double top pattern. The price observed a zig-zag movement inside a flat channel, and it is now expected to short towards the bottom of the channel shown in the chart below.
The Relative Strength Index (RSI) shows that the altcoin is overbought right now, and the cryptocurrency recently came down from a huge trade volume. The price has seen a decline on the 1st of December; it is expected to continue bearish.
The cryptocurrency met the first target near $80, and now the analyst expects the price to continue falling until it hits the $66.37 level, which is where the target lies for this setup. The stop-loss was marked at $95.00 for this trade setup. A double top pattern is a bearish indicator, which is why the cryptocurrency is expected to go bearish.
What’s next for Litecoin?
Khiwe has drawn a similar chart in their idea for the LTCUSD pair, and they suggest that the price will turn bearish and fall to the $71.96 level.
We can see a double top formation on this 4h chart as well, and the price is expected to move short from its current positing at the top of the horizontal channel shown in the previous idea. The analyst described a strong bearish candle up ahead, which then appeared on the 1st of December near noon. For now, the analyst aims for the $75.0 region as the current price target for LTC. After that, the cryptocurrency is expected to go long.
What to expect from LTC?
Project Syndicate’s idea suggests a rise, followed by a short-term fall. The price is under a wave-like pattern and it is expected to hit the $116.10 mark in the on-going long-term trade.
The analyst marked a heavy resistance at the $116 mark, and they believe that the price will see a $25 to $30 reversal after rising to the $116 mark. In the short-term, the traders are expected to gain more than in the long-term position.
The bears’ target price following the $116 mark is placed at over 40% to 50% gains. In the mid-term, the market sentiment looks bearish, and the price appears to look for a reversal. In the short-term, the coin is looking at bulls.
