Litecoin price breaks past the $43 resistance, move to $50 next?

Litecoin price breaks past the resistance move to next

While Bitcoin BTC broke past its descending channel on the 27th of May, the altcoin market followed BTC for the day’s trade. Litecoin price moved towards the $44 mark, while it traded within a day’s range of $43.68 — $44.07.

This is in a somewhat similar trajectory as the king of cryptocurrency Bitcoin.

1-Day Litecoin price analysis (27th May)

Litcoin Price Chart

Litecoin price chart by Trading View

LTCUSD stood below the $42.40 level at the beginning of the 27th of May, the cryptocurrency traded below the $42.60 mark until the LTC market turned bullish near 10:00 GMT.

The trading pair rose past the $43.60 level, after which it traded between the $43.40 and $44.00 marks until the end of the day. LTC approached a day’s high of $44.07. At the time of writing, the LTCUSD trading pair was observed at $43.80.

Litecoin: moves past $43 resistance

TradingAlchemist is a TradingView analyst who believed that Litecoin would fall back after retesting the $43 resistance. The cryptocurrency had approached the $43 mark on the 27th of May.

Litcoin Price Idea ChartLitecoin price chart by Trading View

As shown in the chart above, the LTCUSD trading pair broke past the $43 resistance and rose towards the $44 mark. The nearest support lay at $40, while LTC appears bullish. This shows that the idea by TradingAlchemist did not play on the 27th of May.

Litecoin: uptrend towards $50 next?

Kyer is another TradingView analyst who believes that Litecoin should move towards the $50 resistance. According to the crypto analyst, the next price targets for Litecoin are $48.58 and $50.67.

Litcoin Price Featured ChartLitecoin price chart by Trading View

The idea seems to be in play as the cryptocurrency rose across the $44 mark, while its entry-level was at $41.77. The crypto analyst suggests that the sell target for LTCUSD will be $48.58.

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

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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