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Litecoin price falls to $43: parallel descending channel next?

Litecoin price falls to parallel descending channel next

On the 16th of June, Litecoin price fell towards the $43.5 mark after observing a ruffled price movement. Crypto analysts believe that LTC is currently under a bearish influence.

1-Day Litecoin price analysis (16th June)

Litecoin price chart 1 - 16 June

Litecoin Price Chart by Trading View

LTC price showed disheveled movements on the 16th of June. At the time of writing, LTC traded at $43.54 US Dollars.

Litecoin price parallel descending channel

Atlas Trades is a TradingView analyst who has drawn a parallel descending channel over the 6-Hour price chart for the LTCUSD pair.

Litecoin price chart 2 - 16 June

Litecoin Price Chart by Trading View

The crypto analyst is of the opinion that LTC price will see a fall towards the lower boundary of the descending channel. The resistance for the LTCUSD lies at $44.832. If the cryptocurrency breaks through the resistance level and the parallel channel, then it may turn bearish. However, as per this idea, the cryptocurrency is currently under a bearish momentum and it is falling.

What’s next for the Litecoin price movement?

Surfing Man is another TradingView analyst who has discussed Litecoin’s trading pattern. The analyst drew a range for the pair on the 1-Week price chart.

Litecoin price chart 3 - 16 June

Litecoin Price Chart by Trading View

The bottom of the price range lies at $21 and the resistance lies at $136. The cryptocurrency has been trading within the range for about 2 years and it is currently in the heavy accumulation zone.

The analyst believes that the LTC price will not touch the bottom of the channel. However, this accumulation is good for long term trade. If the coin’s price breaks above the $136 mark, then the price will be violent. LTC will continue to trade in the said channel unless it breaks out.

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.

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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