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Litecoin price recovers to $46: what’s next?

Litecoin price drops below what s next

The Litecoin price line fell towards the $45 mark on the 7th of June. The cryptocurrency turned bearish in the afternoon while it traded within a day’s range of $45.08 — $46.97. Crypto analysts believe that LTC’s price will observe an uptrend after an upcoming fall.

1-Day Litecoin price analysis (7th June)

Litecoin price chart 1 - 7JuneLitecoin Price Chart by Trading View

The cryptocurrency kept the price trajectory above the $46.40 level since the start of the 24-hour trade and until the afternoon of the 7th of June, after which the price fell below the $45 level. At the time of writing, LTCUSD was observed trading at $45.69 US Dollars.

Litecoin: ascending triangle next?

Alexander Harford is a TradingView analyst who has suggested that Litecoin’s price is falling towards an uptrend line.

The 15-Day Moving Average and the 30-Day Moving Average that lie above the LTC price depict a fall, which is expected to be followed by an uptrend that will form the ascending triangle pattern.

Litecoin price chart 2 - Jun7

Litecoin Price Chart by Trading View

Litecoin had fallen towards the $45 level on the 7th of June, only to recover back above $46 which means that this trade is active. The highlighted rollbacks from the resistance and uptrend lines in the chart above add credibility to the idea of an ascending triangle pattern for the cryptocurrency.

Litecoin: what’s next?

Trader_OMS is another TradingView analyst who is of the opinion that LTC will see a fall, after which the cryptocurrency will ascend in a parallel trading channel.

Litecoin price chart 3 - Jun7

Litecoin Price Chart by Trading View

The idea chart posted above suggests that the cryptocurrency will rise above the $50 level in a long trading pattern.

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.

 

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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