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Litecoin price approaches $43.50, what to expect?

Litecoin price approaches what to expect

The Litecoin price line turned slightly bearish on the 7th of July and fell towards the $43.50 mark. The cryptocurrency traded between the $43 and $44.38 price levels over the day.

1-Day Litecoin price analysis (7th July)

Litecoin price chart 1 - 7 July

Litecoin Price Chart by Trading View

Litecoin stood above the $44.10 mark at the beginning of the 7th of July, while it approached a day’s high of $44.38 US Dollars. As the day proceeded, the price trajectory gradually moved towards the $43.50 mark. After the first quarter of the day, the LTC price had fallen to the $43.40 mark.

The Relative Strength Index (RSI) fell to 26.83 at 06:15 GMT, which shows that the cryptocurrency was oversold at the instance. At the time of writing, the RSI was observed at 57.62.

For the rest of the day’s trade, the price line was observed varying between the $43.30 and $43.80 price levels. At the time of writing, LTC traded at $43.51 US Dollars.

Another breakout for the Litecoin price?

Mikki is a TradingView analyst who believes that the LTCUSD pair will rise across the descending triangle pattern which it had entered in 2017.

Litecoin price chart 2 - 7 July

Litecoin Price Chart by Trading View

The analyst referred to LTC’s bullish rally from 2017 when the price line rose across the $40 mark. The crypto analyst sketched the descending triangle pattern from December 2017, till August 2020.

The analyst is of the opinion that the LTC price will break past the descending triangle one it reached the bottom of the trading pattern, and if this occurs, the price is expected to rise towards the $370 mark. The cryptocurrency approached the same price level towards the end of 2017.

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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