Litecoin price rises above $43, what’s next?

Litecoin price rises above what s next

On the 6th of July, the Litecoin price line gradually made its way past the $43 mark after breaking out of the ascending triangle pattern. Atlas Trades, the crypto analyst, believes that the LTCUSD pair will see a further incline above the $44 mark.

1-Day Litecoin price analysis (6th July)

Litecoin price chart 1 - 6 July

Litecoin price chart by Trading View

At the beginning of the 6th of July, the LTCUSD pair stood near the $41.60 level, after which it gradually moved past the $43.00 mark as the day proceeded towards its end. The price line broke past the $43 level near 12:36 GMT, after which it traded above the $43 mark until the end of the day. At the time of writing, the LTCUSD pair was observed at $43.17 US Dollars.

At 06:22 GMT, the Relative Strength Index (RSI) reached a day’s high of 79.70. The high value for the RSI indicator depicts that Litecoin was overbought at the time. The technical indicator remained above level 37.00 throughout the 6th of July, until the time of writing, when the RSI was observed at 70.43.

Litecoin price exhibits breakout above the ascending triangle pattern

Atlas Trades is a TradingView analyst who believes that the cryptocurrency will see an uptrend as it has broken above an ascending triangle.

Litecoin price chart 2 - 6 July

Litecoin price chart by Trading View

The cryptocurrency entered an ascending triangle trading pattern on the 28th of June, after which it saw lower lows and moved towards the $42 level.

On the 6th of July, the LTCUSD pair tested the $42.40 level which is now a support level. It broke past the trading level and moved towards the $43 mark. The analyst believes that the LTC price line will observe a short retracement towards the $42.40 level before rising to $44.50.

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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