On the 6th of August, Litecoin price fell towards the $57.8 mark before it returned above the $59.7 level. LTC price varied between the $57.75 and $59.73 levels during the day’s trade.
1-Day Litecoin price analysis
Litecoin price chart by Trading View
While the day’s trade began with a price of $59.45 US Dollars for Litecoin, at the time of writing, the LTC price was observed at $59.3 US Dollars.
What to expect from LTC price?
The Trading View analyst Trade Cobra suggested that the LTC price is currently undergoing a testing phase for a major breakout.
Litecoin price chart by Trading View
The analyst highlighted a wedge trading pattern for the LTCUSD pair, where they stated that the cryptocurrency has exhibited a doji green transition whilst testing the major breakout level. The analyst drew their technical analysis on the 1-Month chart, while their opinion was that this breakout will be very important for the cryptocurrency’s price.
The Exponential Moving Average dots were also indicated as green for the past two months. The analyst stated that a good volume of the LTCUSD trade above the $60 mark will confirm this breakout, which will result into a long run for LTC price.
What’s next for Litecoin’s price?
The Trading View analyst FXCM believes that LTC price will move above the $63.00 mark.
Litecoin price chart by Trading View
On the 1-Hour chart, the analyst highlighted the entry-level for this trade at $57.85, after which they laid three take profits at $59.74, $61.43, and $63.84. FXCM is of the opinion that the cryptocurrency will move towards each target on the 6th of August. As of now, the LTC price has met the first target for this trade idea.
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.
