Litecoin price prediction: LTC to ascend to $64, analyst
3 min read- Litecoin price prediction optimistic for a $64 high.
- Litecoin hovering below the $60 strong resistance.
- Strong support is currently found at the $58.72 mark.
The Litecoin price prediction by Solldy depicts a rise in the LTC price; the idea suggests that the cryptocurrency will move towards the $64 mark next. Litecoin rose towards the $60 mark on the 25th of October.
1-Day Litecoin price analysis
The LTC price was observed at $58.72 at the time of writing. The day’s highest value for Litecoin was $60.05.
Litecoin price prediction expects $64 ahead
The LTCUSD pair recently formed supported above the $57.5 mark. The price has risen by almost $10 over the last 5 days. Solldy believes that LTC is in a buying position right now, and the price will see further ascension towards $64.
If we look at the chart, cryptocurrency has been supported by an ascending trendline even since the price fell on the 3rd of September. The trendline lay in the $42 to $44 region, and LTC observed accumulation right above it.
When the crypto market saw bulls on the 21st of October, the price finally jumped towards the $57 mark and broke across the resistance structure formed here. If the price remains above this newly formed support, the LTCUSD pair will see a continuation in the uptrend and reach the take profit at $64.19. The stop-loss order was placed at $53.87.
What’s next for Litecoin?
Vince Prince sketched a broadening wedge that the LTCUSD pair has been trading in from the 21st of September. The cryptocurrency finally broke towards the upside on the 22nd of October and was supported by the upper boundary of the wedge.
The price has been testing the flat resistance at $59.50 ever since it broke out of the 1-month long broadening wedge. The analyst believes that LTC does not possess enough momentum to break past the flat resistance, which is why it will see a pullback towards the broadening wedge before it confirms support and retests the resistance. This retesting may result in a final breakout for the pair.
In another scenario, the pullback may be so strong that the cryptocurrency might fall into the broadening wedge until it reaches the Exponential Moving Average.
The Trading View analyst Akhtemov drew a month-long ascending channel in which Litecoin is trading in a wave-count pattern.
The analyst expects the price to fall to the bottom of the channel before seeing a bounce off and rising towards the upper resistance. The trade was active on the 26th of October, and the price should now move above the $59.5 mark.
A large triangle pattern can be seen on the weekly time frame in the chart below. The Trading View analyst Moonsie is of the opinion that Litecoin has finally approached the end of the triangle, and now it will look towards an upward breakout.
Per the analyst, the upward breakout will lead the price towards the $383 level in the long-term. Moonsie also believes that the cryptocurrency will move to the $4000 mark within 2 years.
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.
