Litecoin will continue to decline to $34

28.11.2019 13:22:33

At the time of publication, the price of Litecoin is $46.75, the last time this price was fixed in February 2019.

Litecoin's daily price chart clearly shows us the price movement inside the downward channel, into which Litecoin entered in July this year. Since July, the price of Litecoin has been moving in a downtrend, sometimes showing the gain, but without going beyond the channel. If you look at the trading volume of Litecoin, you can also observe a decrease in volumes, which indicates the presence of the downward channel. One of the factors that may indicate a change in price will be its approach to one of the boundaries of the channel.

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The technical indicator MACD shows us a crossover in mid-November. In this case, the signal line and the MACD line are located at -2.0 and -3.0, respectively. But the overall picture indicates the readiness of the indicator for upward movement and a bullish crossover soon.

The 200-day and 50-day Moving Average lines are located above the price line, which puts pressure on the cryptocurrency price.

Since November 25, the price of Litecoin manages to demonstrate growth, but it does not look much like an uptrend. It is more likely to say that the price of LTC will continue to move down the channel, with a short-term increase to $54 in early December and falling to $35 by the end of the year.