On the 28th of May, Litecoin price exhibited a second upward movement, where LTCUSD moved past the $45.20 mark on the daily charts. The cryptocurrency appeared bullish while trading between the day’s range of $44.70 — $45.25.
1-Day Litecoin price analysis (28th May)
Litecoin price chart by Trading View
Litecoin stood below $43.80 at the start of the day, after which it gradually moved up on the 24-hour charts for the 28th of May. The cryptocurrency saw an uptrend in the afternoon when the Relative Strength Index (RSI) diverged towards higher values on the scale. At the time, the daily RSI moved closer to 70.00 on the scale.
The second bullish momentum was recorded towards the end of the day. The RSI rose to a day’s high of 76.34, which shows that Litecoin was mildly overbought. At the time of writing, the LTCUSD trading pair stood at $44.87 US Dollars.
Litecoin down after touching $44.5 resistance
TradingAlchemist, a TradingView analyst, suggests that as the LTCUSD trading pair broke past the $43 resistance, it would then move towards the one at $44.50, and bounce back towards $43.
While the nearest support lay near $43, Litecoin tested the $44.5 resistance on the 28th of May. After approaching the resistance for the first time, it mildly bounced back towards the $44 mark.
After this, the cryptocurrency retested the $44.5 resistance and moved across it, to a high of $45.25. The coin’s trend opposes the idea.
Litecoin moves past $45.20
Another TradingView analyst, Daniel_Ramsey also believed that Litecoin would return from the declining trendline after touching it.
Following Bitcoin’s uptrend, the LTCUSD trading pair broke past the $44.50 resistance and made its way across the $45.20 level.
This shows that the second idea was also rejected by Litecoin price. Similar to all other altcoins, LTC’s upcoming price trend depends on the movements of the king cryptocurrency.
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.