The Litecoin price line touched the $63 mark on the 24th of August, after which it receded towards the $60 level. The price line was observed oscillating between the $59.5 and $63.5 levels over the day.
1-Day Litecoin price analysis
Litecoin price chart by Trading View
Litecoin had traded at a day’s high of $63.05 on the evening of the 24th of August. The LTC price line was observed at the $60.74 mark at the time of writing.
What to expect from Litecoin’s price?
The Trading View analyst Vince Prince is of the opinion that the LTCUSD trading pair will bounce back from the ascending strong-resistance zone above the $66 mark.
Litecoin price chart by Trading View
The analyst believed that the cryptocurrency will hold the 30-Day Exponential Moving Average (30EMA) support before it tests the strong resistance zone shown in the chart above. Recently, the LTC price broke below the 30EMA support. The price had been moved under and near the strong resistance zone after breaking below the ascending parallel channel on the 19th of August.
The idea suggests that the cryptocurrency will show an overall bearish pattern after this trade comes into play. An important ascending support level lies above the $57 mark. The LTC price is expected to fall towards this rising support level next. However, Litecoin may fall down to confirm sustainability near the lower support levels. Although LTC appears bearish on the short-term trade, it does not necessarily mean that the cryptocurrency will be bearish in the long-term as well.
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.
