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You are here: Home / News / Litecoin Price Prediction: LTC may Breach $50 this Week as Asset Follows Bitcoin’s Bullish Rally
Litecoin Price Prediction: LTC may breach $50 this week

Litecoin Price Prediction: LTC may Breach $50 this Week as Asset Follows Bitcoin’s Bullish Rally

April 27, 2020 by Utkarsh Gupta

It’s been exactly 46 days since the Crypto Collective Industry suffered its devastating crash on 12 March 2020. Since then, all the major assets have been in a place to get their act together. At press time, the top ten assets remain very close to recovering their losses during the March 12-13 conundrum.

Litecoin was one of the most impacted assets during the week, but it has been able to undergo a significant rise over the past month. At press time, Litecoin was worth $45, with a market cap of just under $3 billion in charts. With a trading volume of $4.73 billion, it can be concluded that the Litecoin market is fairly active.

Litecoin 1-day chart

 

Observing Litecoin’s 1-day chart, it can be seen that the asset has been very steady for most of April. The 7th largest asset breached resistance at $34, $38, and $40, and is currently just above immediate support at $44.

From the chart, it can be observed that the Litecoin price indicated the formation of an ascending triangle pattern from 12 March to 6 April, which led to a bullish breakout on the 7th of this month. The price went all the way up to $47, but another phase of the correction brought it back under resistance $44.

At the time of time writing this article, Litecoin is currently following the price pattern of a rising wedge which indicated that a bearish pullback is going to take place for the asset. However, it is important to take a few market indicators under consideration.

The 50-day Moving Average is under the candlesticks, which is a bullish sign and the MACD line suggested that the bullish momentum is very high in the charts.

Hence, a bearish breakout might not take place immediately.

Case 1: Bull run to $50 under a week

Litecoin could see the elusive $50 range in this week as completely nullify all its losses from the crash on March 12th but it will be followed by a correction period down to $48, and then a period of sideways movement might take place as well.

Case 2: Re-test down to $44 before $50 range bullish run 

Now, considering the rising wedge pattern holds strong in the chart, Litecoin might undergo a pullback down to $44 before it touches $50. A strong indicator for this scenario is the 200-Moving Average, which continues to be strong resistance in the chart over the long-term.

Filed Under: News Tagged With: Litecoin (LTC), Litecoin Price Prediction

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