Litecoin price falls to $48, what’s next?

The Litecoin price line returned towards the $47 to $48 range after trading near the $50 mark as the day concluded on the 15th of September, 2020. The crypto analyst Bitcoin Buddha is of the opinion that the LTC price will move above the $120 mark by 2022 as the cryptocurrency has recently broken above a 2-year long descending trend line.

1-Day Litecoin price analysis

Litecoin price chart 1 - 15 September
Litecoin price chart by Trading View

The LTC price line rose to the day’s high of $50.29, whereas the day’s lowest for the 15th of September was recorded at $48.4. At the time of writing, the cryptocurrency traded at $48.29 US Dollars.

Just before the day concluded, the cryptocurrency turned bearish and fell towards the $47 mark while stepping onto the 1-day chart for the 16th of September. The price line then varied between the $47 and $48.5 levels until the trade came to an end.

Litecoin price technical indicators

Litecoin price chart 2 - 15 September
Litecoin price chart by Trading View

Higher volatility was recorded near 03:00 GMT by the Bollinger Bands technical indicator. This is also when the price turned bullish and moved towards the day’s highest. Just as the cryptocurrency closed the 15th of September, the Bollinger Bands showed increased volatility and the price line fell towards the $47 level. The Moving Average Convergence Divergence (MACD) technical indicator exhibited a sell signal at the time of closure.

The cryptocurrency closed the 24-hour trade after depicting a sell signal on the MACD per the 1-day chart above. At the same time, the LTC price line moved above the baseline of the Bollinger Bands and towards the upper moving average. The Bollinger Bands contracted before the day concluded, which shows decreased volatility in the LTC trade.

What to expect from Litecoin’s price?

The Trading View analyst Bitcoin Buddha believes that the LTC price will rise towards the $120 mark on the long-term trade.

Litecoin price chart 3 - 15 September
Litecoin price chart by Trading View

The analyst highlighted an important breakout from July, in which the LTCUSD trading pair moved above a 2-year long descending trend line. Per the analyst, Litecoin is entering into prior consolidation, while it’s first monthly target lies near $73. This means that the idea suggests buyers enter the trade now and buy the asset as it is expected to rally across the $100 mark in a long-term trade. The second and third target prices were $121.88 and $122.03.

What’s next for the LTC price?

The Trading View analyst Honour Rich highlighted the key resistance levels and support levels for the LTCUSD pair. The analyst believes that the cryptocurrency will gradually rise towards the $63 mark.

Litecoin price chart 4 - 15 September
Litecoin price chart by Trading View

Per the idea, the LTC price should have risen towards the $51.12 resistance in the ascending parallel channel drawn in the chart above. However, the price line broke below the ascending channel and dropped towards the $47.45 support level on the 16th of September. If the cryptocurrency continues to hold this support level, it may retest the $51 resistance. The target price for this trade lies at $63.30. Cautious trading is advised as always since the Bitcoin price movement is also facing a volatility period that can reverse the market.

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