TL:DR LTC achieved a day high mark of $84.80. Momentum strong enough to see LTC cross the upper threshold. Market volatility to have a negative impact. The Litecoin price prediction by Vince Prince suggests that the cryptocurrency will fall towards the $77 mark, after which the price should follow an uptrend. The uptrend is said […]
The Litecoin price prediction by Vince Prince suggests that the cryptocurrency will fall towards the $77 mark, after which the price should follow an uptrend. The uptrend is said to allow the cryptocurrency to test the $90 resistance.
1-Day Litecoin price analysis
Along with the rest of the altcoin market, the LTC price observed sideways movements on the charts for the 14th of 15th of December. The cryptocurrency was priced at $82.15 at the time of writing. The highest price that the altcoin achieved on the 15th of December was the $84.80 level, while price fell to a day’s low of $79.20 on the 14th of December near noon.
Litecoin price prediction: Fall towards $77 ahead?
The price was seen falling in a wedge pattern, while it grew above the Exponential Moving Averages (EMA) seen crossing the falling wedge pattern.
Vince Prince expects the cryptocurrency to see a move towards the double-EMA’s that have provided strong support to this structure. This is also where the back-up cluster lies, so the price is to fall towards this region before it can see a bounce-off from here. The bounce-off will allow the LTC price to reach the top of setup, from where it might see a decline up next. The analyst believes that the top of the trade setup will also be a possible entry-level for a short-position. The target price lies at $90.50, and this may be powerful enough to reject the price when it tests it this time.
What’s next for Litecoin?
The LTC price has been travelling upwards inside a broadening wedge, and it entered a falling wedge pattern next. The price is expected to run in a wave pattern until it concludes the rising wedge.
This rising wedge will allow the price to reach the $90 mark, which is where multiple resistances can be observed. The analyst does not think that Litecoin’s momentum will be strong enough to break across this resistance cluster at the $90 level, which means that this resistance will cause the cryptocurrency to see a rejection until it falls to the bottom of the rising wedge.
What to expect from LTC?
On the chart below, we can see that the cryptocurrency is travelling in a series of up-channels and down-channels. The cryptocurrency was initially rising inside an up-channel, while it broke below the channel near the end of the November. This multiple-parallel-channel setup lies inside a big up-channel, and the cryptocurrency has broken above its second down-channel.
The price is expected to see a short form here, and then follow an ascending move until it reaches the $84 price target, followed by the $93 mark. This is an upward wave extension towards the C mark on the chart. For the downtrend, the cryptocurrency should fall towards $77, which is where the newly formed support level lies. This was the upper boundary of the falling channel that the cryptocurrency recently broke above.
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