Litecoin price might escape the descending pattern as weekly analysis report bullish sentiments – Litecoin Price News

The Litecoin price has failed to rise since it attained a high of $147 on June 22. From the last 23 days, the coin is trading between the range of $51-$59. LTC currently resides in the descending wedge pattern, but bullish sentiments are predicted to accompany the cryptocurrency. Also, Litecoin-bitcoin correlation seems to be recovered post litecoin halving.

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.

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.

ADVERTISEMENT
Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

Leave a reply

Please enter your comment!
Please enter your name here