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:
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?
SponsoredLet’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
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.
Sponsored SponsoredThe 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.
The price of LTC has been trading inside an ascending wedge since Feb 5. A breakout with significant volume occurred on Apr 3.
SponsoredAfterward, 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.
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
Sponsored SponsoredBased 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
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.
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