Litecoin price rises above $56 resistance, what’s next?

Litecoin price rises above resistance what s next

Litecoin price broke past the monthly resistance near the $56 mark on the 31st of July. Kyer, the Trading View analyst, believes that LTC price will continue to rise if it holds the $56 support.

1-Day Litecoin price analysis

Litecoin price chart 1 - 31 July

Litecoin price chart by Trading View

At the time of writing, the pair was seen trading at $57.96 US Dollars. For the day’s lowest, the cryptocurrency had fallen to $55.80, whereas at 13:02 GMT, LTC reached a day’s high of $58.84.

Litecoin breaks above $56 resistance.

The Trading View analyst Kyer is of the opinion that the LTCUSD trading pair will rise past the $60 level soon.

Litecoin price chart 2 - 31 July

Litecoin price chart by Trading View

LTC had been accumulating near the $41.77 level for the past month, and on the 24th of July, LTC price finally turned bullish and rallied past the $56 mark. The analyst explained that the LTCUSD pair is striving to close above the $56 resistance, which will then act as a support for the cryptocurrency. Kyer further added that once LTC reaches the $56 target price, the cryptocurrency will then move towards the $60 to $63 distribution zone.

The monthly resistance was indicated near the $56 level, which LTC was able to cross on the 30th of July. If the trading pair continues to hold above this support level, it will move up on the charts and test the $60.73 resistance.

What to expect from Litecoin price?

The Trading View analyst Cstevens is of the opinion that LTC price will see a rollback towards the $48 to $52 range now that it has reached the $58 mark before it climbs further on the charts.

Litecoin price chart 3 - 31 July

Litecoin price chart by Trading View

The analyst highlighted an ascending parallel channel on the 1-Day chart for the LTCUSD pair. The chart above indicates that the cryptocurrency will return towards the $48 to $52 range before it climbs up the ascending channel. As per the analyst, if this idea comes into play, the cryptocurrency will eventually hit the $80 mark.

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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