On the 4th of August, the Litecoin price line gradually made its way below the $57 mark. The cryptocurrency continues to vary between the $56 to $59 range.
1-Day Litecoin price analysis
Litecoin price chart by Trading View
At the time of writing, the LTC price was observed at $57.83. For the day’s lowest, Litecoin fell to $56.37, whereas for the day’s highest, the cryptocurrency approached the $59.65 mark.
What to expect from Litecoin’s price?
The Trading View analyst Trader Scolo believes that LTC price will rise above $60 soon.
Litecoin price chart by Trading View
In their technical analysis, the crypto analyst discussed that the LTC price has been rising for a while with no steep slopes until quite recently when LTC price fell towards the $51 mark on the 2nd of August, after rising past the $64 level. The big drop is termed as retracement by the crypto analyst in their idea.
The Bollinger Bands appeared to widen up when the drop took place, though they returned to normal shortly after. This depicts that the cryptocurrency’s big movement was not going to last for a long time.
The Moving Average Convergence Divergence (MACD) technical indicator shows that Litecoin is recovering from its drop to the $51 mark. The blue line of the technical indicator that is rising may cross the orange line soon enough.
The Relative Strength Index (RSI) has returned from the oversold condition of the cryptocurrency, while it continues to rise but gradually.
The idea shows that LTC’s price is slowly recovering from its retracement, which allowed it to fall towards the $51 level. If these conditions continue, LTC price may retest above the $60 level.
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.
