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Litecoin price rises above $58, what’s next?

Litecoin price rises above what s next

On the 14th of August, the Litecoin price traded near the $56.5 level through most of the day until after 15:00 GMT, when LTC price turned bullish and broke towards the upside.

1-Day Litecoin price analysis

Litecoin price chart 1 - 14 August

Litecoin price chart by Trading View

At the beginning of the day, LTC price stood shy of the $57.5 mark, after which it gradually came down towards the $56.5 level. The price line varied near the same price level until the afternoon where it briefly moved above the $57 mark. At 18:19 GMT, the cryptocurrency’s price rose to a day’s high of $57.96 US Dollars. At the time of writing, Litecoin traded at $57.75 US Dollars.

What’s next for Litecoin’s price?

The Trading View analyst Night Night highlighted a descending triangle that appears to be forming up on the 1-Day chart for the LTCUSD pair.

Litecoin price chart 2 - 14 August

Litecoin price chart by Trading View

The cryptocurrency had previously risen above a descending trendline on the 25th of July, after which the LTC price turned bullish and entered a descending triangle pattern on the 31st of July. The analysis showed that the cryptocurrency observed consolidation while trading in the descending triangle pattern and believed that it will observe a breakout towards the upside.

On the 15th of August, the cryptocurrency broke past the triangle pattern, and as per the idea, LTC price should now rise up to the $80 US Dollar range, after which it will look for a retracement of 20%.

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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