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Litecoin price returns above $59.5, what’s next?

Litecoin price returns above what s next

On the 3rd of August, the Litecoin price line made its way above the $59.50 level. The cryptocurrency is expected to test the resistance above the $60 mark up next.

1-Day Litecoin price analysis

Litecoin price chart 1 - 3 August

Litecoin price chart by Trading View

For the day’s highest, LTC price reached the $60.12 mark, whereas the cryptocurrency stood at a day’s low of $55.92 at the beginning of the day. At the time of writing, the LTC price was placed at $59.24.

What to expect from LTC?

The Trading View analyst Without Worries believes that LTC price will move short towards the $50 mark.

Litecoin price chart 2 - 3 August

Litecoin price chart by Trading View

In support of their idea, the analyst highlighted the Stochastic Relative Strength Index (RSI), which appeared to be crossing down 80. This indicated a short-term move for LTC price.

What’s next for Litecoin’s price?

The Trading View analyst Stell believes that the LTCUSD pair will retest the resistance that lies above the $60 level.

Litecoin price chart 3 - 3 August

Litecoin price chart by Trading View

The analyst highlighted an ascending parallel channel on the 4-Hour chart for the LTCUSD pair. The cryptocurrency moved above the channel’s upper resistance after the 1st of August, and it reached a high near the $65 mark.

The cryptocurrency turned bearish on the 2nd of August and continued towards the $58 level, where it entered from what it seems, a pennant. The analyst has shown that the trading pair broke out of this pennant on the 3rd of August, and it is expected to move towards the $60.72 resistance.

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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