Litecoin price prediction: LTC still on to $50, analyst

The Litecoin price prediction by the Trading View analyst Kaa suggests that the LTC price will soon move towards past the $48 mark. On the 6th of …
  • Litecoin price prediction still optimistic for $50 high soon.
  • Litecoin price drops from $46 support level to $45 support.
  • Litecoin likely to hit the moon but failure can result in a drop to $38.

The Litecoin price prediction by the Trading View analyst Kaa suggests that the LTC price will soon move towards past the $48 mark. On the 6th of October, the LTC price moved past the $48 mark before returning to the $45.5 level.

1-Day Litecoin price analysis

Litecoin price chart 1 - 6 October
Litecoin price chart by Trading View

Litecoin was priced at $45.84 US Dollars at the time of writing on Bitstamp. The cryptocurrency traded highest at $48.25 on the 6th of October. The 24-hours low was observed at the $45 mark.

Litecoin facing strong resistance at $48

The Trading View analyst Solldy stated that the LTCUSD pair will rise towards the $47.5 mark on the 6th of October. Per the Litecoin price prediction, the cryptocurrency was supposed to test a rising resistance near the target price.

Litecoin price chart 2 - 6 October
Litecoin price chart by Trading View

The Litecoin price prediction suggests that the cryptocurrency had formed a support structure near the $46.5 mark, while an ascending resistance travels short of the $48 mark. Per the analyst, the cryptocurrency was supposed to see an uptrend towards the rising resistance. This idea came into play on the 6th of October when the price line peaked above the $48 mark. By the 7th of October, the price line fell below the $45.5 mark and thus, the support structure that was marked in the chart above.

Litecoin price prediction charts seem shaky

The Trading View analyst Project Syndicate believes that the LTCUSD pair will observe a 25% correction and fall towards the $38 mark.

Litecoin price chart 3 - 6 October
Litecoin price chart by Trading View

Per this Litecoin price prediction, the cryptocurrency is observing a bearish momentum and it may rise towards the $50 resistance before falling short below the $40 mark. Per the analyst, the cryptocurrency is undergoing a price correction and the two target prices were marked at $38.6 and $36.1.

The Trading View analyst Kaa believes that the LTC price has a confirmed resistance zone below the $44.45 mark, while it has formed a number of ascending and descending channels in the $44 to $49 range.

Litecoin price chart 4 - 6 October
Litecoin price chart by Trading View

The first ascending channel allowed the cryptocurrency to rise towards the $46 mark by the 3rd of October. This channel was formed by a descending channel on the 4th of October, and then another ascending channel on the 5th of October when the price hit the $46.7 level. On the 6th of October, the analyst believed that the cryptocurrency will follow another descending channel pattern; however, the cryptocurrency rose past the $48 mark. This rise was followed by a decline on the 7th of October when the price returned below the $45 level.

This Litecoin price prediction suggests that the LTC price will blast off above the $48 mark soon after forming a larger ascending channel on the 15-minute chart for the LTCUSD pair.

Litecoin price chart 5 - 6 October
Litecoin price chart by Trading View

The Bollinger Bands showed increased price volatility during the evening of the 6th of October. The cryptocurrency observed a more stable price trajectory at the start of the 7th of October. The price formed support above the midline near the time of closure. The Relative Strength Index (RSI) moved below the 67.00 marks, which means that it is still in the neutral zone.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.