The Litecoin price line rose towards the $45.50 mark on the 8th of July. Moon, the crypto analyst on TradingView, highlighted a descending triangle pattern for the LTCUSD pair and they believe that the cryptocurrency might turn bullish if it breaks out of the channel.
1-Day Litecoin price analysis (8th July)
Litecoin Price Chart by Trading View
At the beginning of the day, the LTC price line stood right above the $43 mark, while the cryptocurrency’s price trajectory gradually made its way past the $45 mark. At the time of writing, the LTCUSD pair traded at $45.37 US Dollars.
What to expect from Litecoin’s price?
Moon is a TradingView analyst who believes that the LTCUSD pair is has bounced off the support level. The analyst also highlighted a descending triangle for the trading pair.
Litecoin Price Chart by Trading View
The analyst highlighted the point of control of the volume profile, where the price appears to be moving, whereas if the trader’s interest per volume profile is observed, then it is placed at the $85 mark.
The analyst believes that because of this, it will be easy for the LTC price line to move towards the $85 level, but it will have to observe a breakout of the descending triangle pattern in order to achieve that mark.
The price line has bounced off from he support of the descending triangle pattern and it has shown a bullish divergence, which means that in the future, the LTC price may move further upward and towards the resistance of the descending triangle.
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.
