According to crypto analyst Akash Girimath, Litecoin is showing signs of exhaustion after its recent rally. The analyst talks about the possibility of a sharp correction for the altcoin if profit taking turns into panic selling. Additionally, the analyst says that Ethereum price is in a good position after last week’s rally. However, he notes that bulls need to defend a few key levels before clearing up.
LTC price prediction: Altcoin is in trouble!
Litecoin formed a range from $57.69 to $70.69 between August 29 and September 11. Since the formation of this range, LTC has surpassed the high of the range. It also formed a local peak at $72.89 on October 24. The ensuing profit taking pushed the altcoin price back into the range. Investors can expect the pullback to continue as Litecoin price is trading at $67.40. On the 12-hour chart, the Relative Strength Index (RSI) above 50 plays an important role. A bounce from the average holds the key to making or breaking LTC’s next move.
A failure by the bulls could trigger a breakout of the RSI 50 level. This is likely to challenge the bearish outlook. In such a case, Litecoin price could decline and target sell-side liquidity below the October 19 low of $59.70. But in an ideal range scenario, it is possible for LTC to sweep the $57.69 low range. This move means a 15% decline. So, this is likely where the altcoin price will consolidate before deciding its next move.
The range-based bearish view makes sense. However, the correction depends on how the 12-hour RSI plays out. If there is a strong show of demand once the RSI touches the 50 level, investors can expect the altcoin price to attempt to flip the $70.69 high range. A decisive conversion of this barrier into a base of support will invalidate the bearish thesis. In such a case, it is possible for LTC to revisit the $82.25 barrier after a 16% rally.
ETH price prediction: It needs to hold these key levels!
Ethereum recorded a 19% increase between October 19-25. Thus, it surpassed the $1,650, $1,670 and $1,727 hurdles. This move created a local top at $1,865. The leading altcoin is now considering its next move. Going forward, investors can expect Ethereum price to pull back from the above-mentioned hurdles and support. This move will cause the daily Relative Strength Index (RSI) to reset at the 50 average level. It will also add more credence to the bullish thesis.
A strong bounce could send Ethereum price to tag the $2,000 psychological level as well as the $2,030 high range. The last time ETH tried to overcome this barrier in mid-April it failed. Therefore, a move into this region will be critical for ETH’s long-term outlook. A break through the $2,030 barrier will open the way to the next key resistance level at $2,424.
The bullish outlook for the leading altcoin makes sense. However, this is contingent on Ethereum price staying above the $1,727 barrier. A daily candlestick close below this level will lead to a break of the $1,650 support level. This will invalidate the bullish thesis. In such a case, it is possible for Ethereum to revisit $1,551. Or it may slide lower to collect sell-side liquidity below the 10 September-10 October lows.
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