At BeInCrypto, we regular price analyses and predictions for Litecoin (LTC). In our Apr 19 Litecoin (LTC) analysis, we predicted price increases. Our prediction was invalidated the next day when the price broke down from the pattern we defined. To learn more, read our latest LTC/USD($) and LTC/EUR(€) analysis below:
On Apr 11, 2019, the price of Litecoin reached an hourly high of $88.47 and €78.73. Price has been since trading along a gradual downtrend.
Significant spikes and drops have been seen in the process:
LTC/USD & LTC/EUR Prices Apr 11 – 23
After new lows were reached on Apr 21, Litecoin’s price began another upward movement. Will Litecoin reach a peak soon or can we expect greater gains?
Let’s find out:
Litecoin (LTC): Trends And Highlights For April 23, 2019
Both LTC/USD and LTC/EUR have been on a downtrend since Apr 11.
Litecoin is trading inside a descending channel.
The price previously broke out from an ascending wedge.
There is resistance near $87/€80.
Descending Channel
The price of LTC/USD on Bitfinex was analyzed at one-hour intervals from Apr 11 to Apr 22 to determine the current trading pattern. We do not include euros in this section because only one trading pair is needed to generate the current trading pattern. Both LTC/USD and LTC/EUR are discussed in the final two sections.
On Apr 11, the price reached an hourly high of $85.50. Several market cycles have been completed. Highs have grown subsequently lower each time. the price has made lower highs each time.
Tracing these highs gives us a descending resistance line:
On Apr 15, the price reached a low of $74.72. A gradual increase was followed by a gradual decrease. The price has made several lower lows. Tracing these lows gives us a descending support line.
The support and resistance lines combine to create a descending channel:
Litecoin is likely to trade inside the confines of the channel until a decisive move occurs.
In order to predict the direction of the move, we need to take a look at a longer time-frame combined with technical indicators.
Previous Breakdown
The price of LTC was analyzed from Feb to Apr alongside volume.
Volume is a measure of how much of a certain asset is traded in a certain period of time. Combined with the MACD, it can be used as a confirmation tool for the beginning of a trend.
In the graph below, volume is traced below the price and current trading pattern:
The price of LTC has been trading inside an ascending wedge since Feb 5. A breakout with significant volume occurred on Apr 3.
Afterward, the price dropped to validate the resistance line as support.
Using this indicator and previous price movement, we believe that the price will continue to increase at the rate predicted by the resistance line turned to support.
If the price keeps increasing, where will it find resistance?
Future Movement
To better determine actual future price levels, we examine resistance areas.
Resistance areas are formed when the price reaches a certain level several times. In the case of a breakout/breakdown, they can provide likely areas of reversal.
One resistance area is shown for LTC/USD in the first graph and LTC/EUR in the second graph:
LTC/USD Resistance
LTC/EUR Resistance
The closest resistance area is found near $87 and €80. If the price breaks out of the channel, it is likely to reach this area. We believe this to be likely.
Summary Of Analysis
Based on this analysis, it is likely that the price will move towards the resistance line of the channel. An eventual breakout is likely.
Do you think the price of LTC will break out from the channel? Let us know in the comments below.
If you’re interested in 2019 and 2020 price predictions for Litecoin in dollars, click on the green button below
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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
On Apr 15, the price reached a low of $74.72. A gradual increase was followed by a gradual decrease. The price has made several lower lows. Tracing these lows gives us a descending support line.
The support and resistance lines combine to create a descending channel:
Litecoin is likely to trade inside the confines of the channel until a decisive move occurs.
In order to predict the direction of the move, we need to take a look at a longer time-frame combined with technical indicators.
