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Litecoin Price Prediction

Litecoin Price Prediction: LTC Faces Inevitable Drop Below $42, Unless Bitcoin Chimes in

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In line with the collective crypto industry, Litecoin has undergone a very steep price change in the last 5 days. Although a period of consolidation was anticipated after the rally on 29 April, the sideways trend persisted and the community anticipated a bullish rally at any time. However, things could take another turn in the charts, and market analysis indicates that a bearish turnaround could take place sooner than later.

Litecoin 1-day chart

Litecoin 1 scaled

From a long-term perspective, the price of Litecoin has continued to shift within the trend lines of the ascending channel. The channel has been taking shape since March 12th and reported higher rates at $40, $44 and $46 with the upper trend line.

Following an ascending path, a bearish breakout is the predicted outcome, and over the next few weeks, Litecoin may witness a $42 re-test support. The possible reversal zone is between $42 and $39, and given that LTC is unable to move through another bullish rally, the token may drop to $42 or $39 before attempting to break the long-term resistance to $54.

The key sign is that Litecoin was unable to move above the 200-day Moving Average during the recent rally. The 200-MA (yellow line) remained active at the time of writing.

Litecoin 4-hour chart

Litecoin 2 scaled

Unfortunately, the Litecon trend did not look vibrant at the 4-hour map as well. The creation of a descending triangle is a clear indicator that the coin faces a short-term bearish breakout.

Solid support was $44 and long-term support was $39, but according to the VPVR indicator, the checkpoint (Red Line) was $41.41.

The market indicator indicated that the trading volume of $44 has been significant over the past month, which is why it should provide good support for a bounce back. If $44 support is unable to sustain the falling level, $42 will be the last strong price range beneath the imminent collapse.

The Relative Strength Index or RSI showed a strong selling pressure in the charts, as all the indicators pointed for a bearish breakout.

Conclusion

Unless Bitcoin has a major say over the next few days, Litecoin is primed for a bearish pullback down to $44 or $42 over the short term, and may re-visit the price range between $42 and $39 at the end of May.

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

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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

 

Litecoin 1 scaled

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.