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 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.
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.