Litecoin price has been decreasing since it reached a high of $147 in June. Currently, the coin is accumulated inside the descending wedge pattern. Although it is trading between $51-$59 from the past many days, traders are predicting a lower price the coin can reach.
An investor on Twitter stated that he believes the Litecoin price will drop to $30.
$LTC short setup
LTCUSD Weekly looks to me like it wants to come down & test weekly support.
Quite the distance to weekly support.
Daily last night closed new local lower low, I am shorting at the previous local daily close low (purple line).
Invalidation: Daily close above. pic.twitter.com/lAx7vmItOu
— Fundamental Wolf (@FundamentalWolf) October 17, 2019
However, if we look at the weekly chart, it does not represent a further fall. In contrast, short-term bullish vision can be predicted. During the period from September 24 to October 7, LTC price created a support area at $52. On October 16, the price broke down even below this. But, the next day, it established a bullish candle and attained a close above the previous day’s opening price.
This implies a bullish trend for two reasons.
Firstly, although the support area was broken, the decrease was not lasting. Such a pattern is often an indication that the price will reverse in the other direction. Secondly, the origination of a bullish engulfing candle, which again marks a probability of pattern reversal.
Here, we do not reject the possibility of Litecoin dropping to $30, but we consider it to be doubtful.