Litecoin Price Prediction: LTC Got Rejected at $50, Will the Next Attempt Be Successful?

Long-Term Outlook

Litecoin Weekly Chart – Source: Tradingview.com

A look at the Weekly chart for Litecoin in logarithmic form shows that price has seemingly found support above the 200-period MA and is trading at $45.

Price is trading slightly below the resistance area near $50 and the 50-period MA/Ichimoku cloud.

If price breaks out above the resistance area, the next one can be found near $80.

Conversely, the major support area formed by the highs of 2014 is found near $30.

The RSI is at 43, indicating neither overbought nor oversold conditions.

The MACD is moving up with strength and is almost positive.

Given this information, I am bullish in the long-term.

Medium-Term Outlook

Litecoin 3-Day Chart – Source: Tradingview.com

A look at the 3-day chart shows that even though it has moved past the 21/50-period moving averages, the price is struggling to break through the negative Ichimoku cloud.

Furthermore, while the previous 3-day candle was a doji,  the current one is a bearish engulfing candle.

Also, the MACD is losing strength, possibly setting itself up for a bearish cross.

On a more positive note, it looks like the 21 and 50-period moving averages are going to make a bullish cross and possibly offer support to price.

Litecoin Daily Chart – Source: Tradingview.com

A look at the Daily chart shows that price is following an ascending support line which has been in place for 73 days.

We can also clearly see that price made a double top pattern combined with a bearish divergence in the RSI.

On a more positive note, the price is trading above all moving averages.

Given the information from the 3-day and the daily chart, I am bearish in the medium-term.

Short-Term Outlook and Price Prediction

Litecoin 6-Hour Chart – Source: Tradingview.com

A look at the 6-hour chart shows an even more pronounced bearish divergence in the RSI.

Furthermore, the MACD is negative.

The 6-hour chart gives us a minor support area near $41 and shows that price is possibly following an ascending support line.

However, the line has only been validated twice.

Litecoin Price Prediction:

I believe that during this week price will break down from the support line, and head for the minor support area at $41, possibly even lower.

Conclusions:

  • Price made a double top pattern.
  • There is medium and short-term bearish divergence.
  • Price is trading above the 200-week moving average.

Latest Litecoin News:

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Litecoin Price Prediction: LTC Got Rejected at $50, Will the Next Attempt Be Successful? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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