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Litecoin price holds $45.50 support: what’s next?

Litecoin price holds support what s next

On the 2nd of June, the Litecoin price observed an abrupt fall towards the $45 mark. The cryptocurrency had approached the $50.00 resistance when BTC fell down on its charts and the altcoins followed.

On the 3rd of June, the LTCUSD pair has seen a gradual upward movement across the $47 mark. The LTCUSD pair traded within a day’s range of $45.38 — $47.51.

1-Day Litecoin price analysis (3rd June)

Litecoin Price ChartLitecoin Price Chart by Trading View

At the time of fall, the Relative Strength Index (RSI) reached a low of 6.00 on its daily scale. This shows that Litecoin was highly oversold at that time. The technical indicator closed at 53.96.

The cryptocurrency held the $45.50 support on the 3rd of June, as it saw a gradual uptrend across the $47 mark. At the time of writing, the LTCUSD pair was observed at 47.37.

Litecoin price movement; what’s next?

TradingAlchemist is a TradingView analyst who suggested two scenarios that the LTCUSD pair should observe next. The analyst explained that the cryptocurrency has moved below the nearest support line at $46.5, while the $45.5 support was able to hold the price from falling further down.

As per the idea, the slippage had caused Litecoin to break through the $46.50 support recently and if the cryptocurrency continues to hold this, it should move towards the $48 level next.

Litecoin Featured Price Chart

Litecoin Price Chart by Trading View

The cryptocurrency moved past the $47 mark on the 3rd of June, this means that the idea posted by TradingAlchemist is in play. If the cryptocurrency adheres to this trading pattern, it should move towards the $48 mark next.

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.

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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