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Litecoin price reaches $47: head and shoulders next?

Litecoin price reaches head and shoulders next

The Litecoin price declined towards the $47 mark on the 6th of June. The cryptocurrency traded within a day’s range of $45.99 — $47.23, while Cryptocomes is a TradingView analyst who believes that LTCUSD is headed towards forming a head and shoulders pattern.

1-Day Litecoin price analysis (6th June)

Litecoin Price ChartLitecoin Price Chart by Trading View

The cryptocurrency traded near the $47.60 level at the beginning of the 5th of June, after which it gradually moved towards the $46.60 mark. The LTCUSD pair closed at the $46.60 level by the end of the day, after which it traded near the same level until 09:00 GMT, after which the trading pair moved past the $47 level.

On the daily charts, the Relative Strength Index (RSI) varied above 40.00 in the hourly time frame, while it was observed closing at 43.04. At the time of writing, the LTCUSD trading pair was observed at $47.04 US Dollars.

Litecoin price into reverse head and shoulders?

Litecoin Price Featured Chart

Litecoin Price Chart by Trading View

Cryptocomes suggests that Litecoin is not very likely to grow in the short-term case while the trading pair heads towards forming a head and shoulders pattern. The cryptocurrency should fall towards the $43.25 level, as per the idea posted by the crypto analyst. The decrease in price over the past 24 hours has been almost 0.5%.

The bearish divergence on the RSI indicator also suggests that a bearish move will come into play for the LTCUSD pair. While summing up their idea, Cryptocomes stated that the bullish trend that began in the middle of March is now about to conclude.

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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