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)
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.
Litecoin 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.
Litecoin 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.
