- Litecoin price prediction expects a rise to $56.6.
- Strong support now lies above $55.50.
- Strong resistance is found at the $56 mark.
The Litecoin price prediction by the Trading View analyst Big Dick Bandit suggests that the cryptocurrency will see a rise towards the $56.6 mark soon. The price rose to the $55.94 level on the 24-hour trade.
1-Day Litecoin price analysis
What to expect from Litecoin?
Ripple has been testing a descending trendline since the 27th of October, after which the price fell below the 34-Day Smoothed Moving Average and has tested it thrice. The analyst believes that the cryptocurrency will fall towards the $48.53 mark while moving alongside the falling trendline.
The stop-loss was marked at $56.21, and the trade will invalidate if it approaches above this mark. The cryptocurrency is supposed to test and bounce off the falling resistance once again and then move towards the bottom of the triangle-line pattern at $48.53. At the start of the 5th of November, the price broke above the falling trendline. Litecoin has also crossed above the 34-Day Smoothed Moving Average.
What’s next for Litecoin?
The Trading View analyst Tree Trader presented two scenarios for the LTCUSD trading pair. The cryptocurrency had been descending below a falling trendline from the 28th of October. The trendline can be seen in red on the chart below.
The altcoin was expected to trend below the trendline, and the price volatility was to decrease. The support zone is marked between the $50 and $52 level, and the price was to hold this support before seeing any breakouts. The break of the trendline was expected to allow the cryptocurrency to rise towards the $55 mark.
The price was recently testing the resistance zone after rising on the 4th of November. Litecoin appears to have broken above the falling trendline on the 5th of November, while the price has moved to the $55.5 level.
Litecoin price prediction: Rise to $56.6 next?
On the 4th of November, the cryptocurrency observed a slight downtrend where it hit a cluster of moving averages as supports. The region is marked below, consisting of the 65-Day Moving Average, the 100-Day Moving Average, and the 135-Day Moving Average. A golden cross was observed here as the 65-Day Moving Average moved above the 135-Day Moving Average.
The golden cross is a bullish indicator, and the analyst expects the price to observe a rise on the charts. The take profit was marked near the $56.63 level.
At first, the cryptocurrency moved below the stop-loss, which was at $52.586 but shortly after that, the cryptocurrency observed a rise towards the end of the day, and the price trajectory moved across the $55.5 mark. The analyst expects the price to rise past the $56.6 level soon as the trade remains active.
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