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Litecoin price moves to $41.23 in a descending channel

Litecoin price moves to in a descending channel

On the 2nd of July, the Litecoin price line fell towards the $41.23 mark. Crypto analysts believe that the cryptocurrency is currently bearish and it will fall towards the $38 to $39 range before seeing any bulls.

1-Day Litecoin price analysis (2nd July)

Litecoin price chart 1 - 2 June

Litecoin price chart by Trading View

As of the time of writing, the Relative Strength Index (RSI) stayed within its normal range for the 2nd of July on the 1D charts, while the LTCUSD pair was observed at $41.23 at the same time.

LTC price in triple top pattern

Ambassador J is a TradingView analyst who believes that the LTCUSD pair will fall in the near future.

Litecoin price chart 2 - 2 July

Litecoin price chart by Trading View

On the 4H chart for the LTCUSD trading pair, the cryptocurrency appears to form a triple top trading pattern, which is basically a chart pattern used in technical analysis to predict a reversal in the price movement of the asset.

The crypto analyst believes that LTC price will see a price reversal, and if it breaks below the $40 mark then it is expected to move further below with a target price near the $38 level.

Litecoin price travels in a descending channel

Ssiik da Abdo is another TradingView analyst who has drawn a parallel descending channel for the LTCUSD pair on the 4H chart.

Litecoin price chart 3 - 2 July

Litecoin price chart by Trading View

The analyst is of the opinion that the LTC price will continue to fall towards the $39 mark, where it will touch the $38 to $39 support. The analyst suggests that the cryptocurrency’s price will bounce off the support level and head towards the resistance that lies below the $50 mark, at $49.88.

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.

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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