- Litecoin price moves above $50 for the second time in the week.
- LiteBringer game joins the Litecoin blockchain network.
- Litecoin price is expected to rise to $55 levels.
The Litecoin price line rose to the $50 level on the 15th of September. A new PC-based video game, LiteBringer, has brought the gaming world to the Litecoin blockchain. The videogame allows players to earn and trade the cryptocurrency.
1-Day Litecoin price analysis
LTC price stood near the $49.2 level at the start of the day’s trade. The price line was observed at the $49.31 mark at the time of writing. The cryptocurrency traded at a day’s high above the $50.20 mark in the first quarter of the 15th of September.
The crypto revolution appears to be coming to the world of video games. LiteBringer’s players can now earn and trade Litecoin LTC by completing quests from the game. The PC-based video game has recently gone live and it is based on the Litecoin blockchain.
LiteBringer requires players to have a small amount of the cryptocurrency in order to play the game, this is so because all of the in-game transactions are held using Litecoin.
With no server involved, the Litecoin blockchain allows the players to have an unparalleled control over the truly decentralized video game.
What’s next for Litecoin?
The Trading View analyst Solldy believes that the LTC price line should rise past the $56 mark soon. The key resistance level lies near $64, and the analyst expects LTC price to push past the support of the ascending parallel channel above $55.
The cryptocurrency has been trading above the support (green) from the 3rd of September after it broke below the ascending channel. If LTC price reenters the ascending parallel channel, the trading pair will see a rise towards the $64 mark.
A breakout above the $64 resistance will allow the cryptocurrency to reenter the bullish market. LTC price has continued to hold the support level; however, if the cryptocurrency falls below this support level, it may turn bearish and move towards the $40 mark.
What to expect from LTC price?
The Trading View analyst Decrezer believes that the LTC price will see an uptrend after it breaks out of the descending triangle pattern. Analyzing the long term trade patterns Decrezer explains that if the break through happens, there is no stopping.
Per the chart, the cryptocurrency previously broke out of a triangle pattern in March 2017, after which it rose past the $120 mark. The Relative Strength Index (RSI) has rested near 46.00 on the 1-month chart for the LTCUSD trading pair, while the cryptocurrency appears to be consolidating, it is expected to test the descending trendline of the triangle pattern.
The analysis depicts that the upward breakout will allow the LTC price to rise towards the $4000 mark. This idea is for a long-term trade for the cryptocurrency. Per the idea, the cryptocurrency should observe a breakout around the beginning of 2021. If this trade comes into play, LTC will repeat its cycle from 2017.