Litecoin price rests near $47: rise towards $50 next?

Litecoin price rests near rise towards next

On the 1st of June, Litecoin price saw an uptrend towards the $47.00 mark. The cryptocurrency diverged its price trajectory below the $45.50 level just before approaching the day’s chart. The day’s range for the LTCUSD pair was $45.36 — $47.20.

1-Day Litecoin price analysis (1st June)

Litecoin Price Chart Litecoin Price Chart by Trading View

The Relative Strength Index (RSI) diverged towards 70.00 at the beginning of the 1st of June. This was the time when LTC began to move towards the $47 mark. At the time of writing, the LTCUSD pair traded at $46.98 US Dollars. On the charts, the RSI was observed varying within its normal range of 30.00 — 70.00 for the day.

The 20-Day Exponential Moving Average (EMA) closed at $46.84, while the 50-Day Moving Average (MA) saw to the day’s closure while it was at $46.87.

Litecoin: what’s next?

ArShevelev is a TradingView analyst who believes that the cryptocurrency will move above the $50 zone after a short rebound.

Litecoin Price Featured ChartLitecoin Price Chart by Trading View

After the break below the ascending channel, the cryptocurrency traded under a dynamic resistance until the 28th of May when it observed a breakout above the resistance.

The cryptocurrency rose towards the $48 psychological resistance after the breakout, after which it showed a brief retracement towards the $45 level. According to the idea presented by the analyst, the cryptocurrency should retest the $48 resistance, after which it will exhibit a rebound towards $45.

As per the analyst’s suggestion, the rebound will be followed by an uptrend that will allow LTC to break above the $48 resistance and move towards the $50 price range.

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.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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