While the Litecoin price returned towards the $42.40 mark on the 25th of June, Crypto Comes, a crypto analyst, believes that the LTCUSD pair is forming a head and shoulders pattern on the 4-hour chart.
1-Day Litecoin price analysis (25th June)
Litecoin Price Chart by Trading View
The LTCUSD pair was observed trading at $42.35 US Dollars at the time of writing.
Litecoin: what’s next?
Crypto Geek Media is a TradingView analyst who discussed an expected trend for LTC in the upcoming year.
Litecoin Price Chart by Trading View
The analyst discussed the cryptocurrency’s dependency on the BTC price trend and Litecoin’s capability of making fast transactions which will attract people towards using the cryptocurrency for payments.
Currently, LTC price seems to be stable with a very low chance of pumping towards the $100 mark this year. The analyst explained that for this price jump, the cryptocurrency will have to pump multiple times and with each pump, a price correction occurs as well. Hence, a price jump of the liking will be unlikely for this year.
Analysts also believe that the LTC price is capable of leading BTC in the bullish run, hence the cryptocurrency might move towards the $70 mark as per its technical indicators.
Crypto Comes is another TradingView analyst who believes that the LTCUSD pair is headed towards forming a head and shoulders pattern.
Litecoin Price Chart by Trading View
The analyst has stated that the completion of the right shoulder will cause the price to rise towards the $46 mark, after which Litecoin might show a strong fall towards the $38 level as a result of the completion of the head and shoulders pattern.
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.
