Litecoin price rests near $54, what to expect?

On the 12th of August, the Litecoin price line rested near the $54 mark. The cryptocurrency made a bearish move by falling towards the $53 level before it closed the trade on the 11th of August.

1-Day Litecoin price analysis

Litecoin price chart by Trading View

Litecoin began the day’s trade above the $54 mark, after which the cryptocurrency’s price line receded below the $52 mark as the first quarter of the day’s trade passed. At the time of writing, the cryptocurrency was observed trading at a price of $54.77 US Dollars.

What’s next for Litecoin’s price?

Vince Prince the Trading View analyst drew a triangular pattern for the LTCUSD pair on its 4-Hour chart, and they explained that LTC has confirmed a bearish movement which may cause a downward breakout from the trading pattern.

Litecoin price chart by Trading View

As per the chart above, the trading pair can be observed trading in a symmetrical triangle before the 11th of August. The cryptocurrency fell and broke out below the triangle pattern while forming a long candlestick. Prince’s idea has come into play and as per their idea, the cryptocurrency will move towards the lower support near the $50 level. The 80-Day Exponential Moving Average (80EMA) has been converted into a resistance and a second bear-flag appears to be increasing the chance of more bearish pressure for Litecoin.

All of these factors are expected to add to the bearish continuation for LTC price until a support level is found, which is currently placed near the $49 to $50 range.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.