Litecoin price falls to $57, fall below $50 next?

Litecoin price falls to fall below next

The Litecoin price line fell towards the $57 mark on the 9th of August. LTC price is expected to fall below the $50 mark before it sees its next uptrend in a bearish correction that might just push the price further than $57 mark upon return.

1-Day Litecoin price analysis

Litecoin price chart 1 - 9 August

Litecoin price chart by Trading View

The cryptocurrency began the day’s trade at the $58.5 mark, after which the price rose to a day’s high of $58.79 US Dollars. LTC’s price line gradually stepped down on the 24-Hour chart as the day’s trade came to its end. At the time of writing, Litecoin traded at $56.94 US Dollars. Before closing the on the 9th of August, the LTC price fell to a day’s low of $56.13 US Dollars.

The 20-Day Exponential Moving Average (20EMA) closed at the $56.65 mark, while the 50-Day Moving Average (50MA) closed above the 20EMA, at $56.74. At the time of writing, the Relative Strength Index (RSI) was observed at 58.17.

What’s next for Litecoin’s price?

Sunny Hill Capital is a Trading View analyst who believes that the LTC price will see a downfall before it eventually turns bullish.

Litecoin price chart 2 - 9 August

Litecoin price chart by Trading View

The analyst highlighted a descending parallel channel in which the cryptocurrency appears to be trading since the 28th of July. The analyst believes that the cryptocurrency will turn bearish and fall below the midpoint of the trading channel after observing a price correction.

If this ABC correction occurs as shown in the chart above, the price line is expected to fall towards the $49 mark, after which it will turn bullish and retest the falling trendline, which is the resistance for this descending parallel channel.

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. 

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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