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Litecoin price rests near $54, what to expect?

Litecoin price rests near what to expect

On the 12th of August, the Litecoin price line rested near the $54 mark. The cryptocurrency made a bearish move by falling towards the $53 level before it closed the trade on the 11th of August.

1-Day Litecoin price analysis

Litecoin price chart 1 - 12 August

Litecoin price chart by Trading View

Litecoin began the day’s trade above the $54 mark, after which the cryptocurrency’s price line receded below the $52 mark as the first quarter of the day’s trade passed. At the time of writing, the cryptocurrency was observed trading at a price of $54.77 US Dollars.

What’s next for Litecoin’s price?

Vince Prince the Trading View analyst drew a triangular pattern for the LTCUSD pair on its 4-Hour chart, and they explained that LTC has confirmed a bearish movement which may cause a downward breakout from the trading pattern.

Litecoin price chart 2 - 12 August

Litecoin price chart by Trading View

As per the chart above, the trading pair can be observed trading in a symmetrical triangle before the 11th of August. The cryptocurrency fell and broke out below the triangle pattern while forming a long candlestick. Prince’s idea has come into play and as per their idea, the cryptocurrency will move towards the lower support near the $50 level. The 80-Day Exponential Moving Average (80EMA) has been converted into a resistance and a second bear-flag appears to be increasing the chance of more bearish pressure for Litecoin.

All of these factors are expected to add to the bearish continuation for LTC price until a support level is found, which is currently placed near the $49 to $50 range.

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.

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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