CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Litecoin price analysis: gains expected above $47

By Nathan Batchelor

19:02, 2 October 2020

Litecoin price analysis

Litecoin is attempting to move above critical resistance, despite the cryptocurrency suffering its largest monthly loss in six months.

Litecoin price analysis shows gains above the $47 resistance zone could provoke a major rally towards the psychological $50 level.

Litecoin medium-term price trend

Litecoin is starting to recover higher, after sellers failed to break the technically important $44 support level earlier this week.

Litecoin technical analysis shows that the LTC/USD pair may be preparing to move back inside a large symmetrical triangle pattern.

Litecoin technical analysisThe daily time frame shows that the cryptocurrency fell towards the $41.50 area earlier this month, after sellers broke below a symmetrical triangle pattern.

According to technical analysis, if the LTC/USD pair can move back above its 200-day moving average, around the $47 level, then bulls may test towards the bottom of the triangle pattern.

Technical analysis highlights that the bottom of the triangle pattern is currently located around the $51 resistance level.

To the downside, failure to move the price above the $47 area could result in the LTC/USD pair testing back towards the $44 area.

What is your sentiment on EA?

134.49
Bullish
or
Bearish
Vote to see Traders sentiment!

BTC/USD

67,300.90 Price
-3.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

US100

18,619.00 Price
-0.630% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

XRP/USD

0.52 Price
-1.680% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Oil - Crude

76.94 Price
-0.400% 1D Chg, %
Long position overnight fee 0.0073%
Short position overnight fee -0.0293%
Overnight fee time 21:00 (UTC)
Spread 0.030

Litecoin short-term price trend

Litecoin technical analysis shows that the cryptocurrency has a bearish short-term bias while the price trades below $47.

The four-hour time frame shows that a bearish head-and-shoulders pattern is currently looming over the LTC/USD pair.

Litecoin technical analysisTechnical analysis highlights that the pattern remains valid while the price trades below the $47 resistance level. 

If bulls invalidate the pattern, then the LTC/USD pair could rally towards the $51 area over the short-term.

To the downside, a break under the neckline of the pattern, around the $44 level, could see the LTC/USD pair falling towards the $41 area.

Litecoin technical summary 

Litecoin technical analysis highlights that the cryptocurrency could rally towards the $51 area if the $47 resistance level is overcome.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 610,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading