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Litecoin price falls to $62, bearish continuation ahead?

Litecoin price falls to bearish continuation ahead

The Litecoin price line fell towards the $61 level on the 19th of August. Vince Prince is a Trading View analyst who is of the opinion that the LTC price will observe bearish continuation ahead.

1-Day Litecoin price analysis

Litecoin price chart 1 - 19 August

Litecoin price chart by Trading View

The cryptocurrency traded between the $65 and $66 price levels at the start of the 19th of August, after which it headed towards the day’s high of $67.10. The LTC price continued bearish right after reaching the day’s high and it fell below the $62 level during the first quarter of the day’s trade. At the time of writing, Litecoin was observed trading at $62.41 US Dollars.

Will Litecoin price show bearish continuation?

The Trading View analyst Vince Prince believes that the LTCUSD pair will observe a bearish continuation trend ahead as it has fallen below the confluence-cluster.

Litecoin price chart 2 - 19 August

Litecoin price chart by Trading View

As per the chart, the LTC price just confirmed below the ascending parallel channel, after which it approached an ascending trendline and the 50-Day Exponential Moving Average (50EMA) which previously supported the trading pair.

The cryptocurrency has moved below these support levels and has confirmed to the downside. The cryptocurrency tested this confluence-cluster again and confirmed towards the downside, which means that LTC has a higher possibility of observing a continuation that will lead it down on its charts. The strong ascending support structure is drawn in blue and the cryptocurrency is expected to fall to this structure before rising upwards.

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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