Litecoin Price Prediction: Will LTC Fall Below $50?

Summary:

Litecoin price has continued to trade within an ascending channel, and in today’s trading session, it is up by less than a percentage point.

Litecoin price has continued to trade within an ascending channel, and in today’s trading session, it is up by less than a percentage point. However, there are signs that the trend will be short-lived due to the recent bearish price action.

With the resurgence of the cryptocurrency industry, which started a few weeks ago, Litecoin has strongly trended upwards, following the trend of other major cryptocurrencies such as bitcoin. Part of the reason for this is due to Litecoin being highly positively correlated with these cryptocurrencies, meaning that, in most cases, it follows their trend.

Litecoin Price Prediction

Since June 18, Litecoin’s price has traded within an ascending channel. A few days ago, the crypto was in a strong bullish move, which looked likely to hit the upper trend line of the ascending channel. However, the prices fell short of hitting it and started to move down. This resulted in the current bearish trend.

Looking at the chart below, after failing to hit the upper trend line, the bearish start, which started in the late hours of the August 13 trading session, continued for the next two trading sessions, resulting in prices dropping by 9 percent. Today, despite the chart showing that prices are up by a small margin, the aggressive bearish trend that has persisted for two days is still in effect.

Therefore, my Litecoin price prediction expects the prices to continue falling, and there is a high likelihood of today’s session closing with a price loss. Furthermore, in the next few trading sessions, I expect the prices to continue pushing downwards, with the lower trend line of the ascending being hit. As a result, my price expectation is for Litecoin to trade below $55, with a high probability of hitting the $50 price level and possibly trading below it.

However, should the prices trade above this week’s price high of $65, then my bearish analysis will be invalidated.