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

Litecoin price rises to what s next

The Litecoin price stood at the $57 mark at the beginning of the 8th of August. The cryptocurrency gradually made its way above the $58 level as the day proceeded towards its end.

1-Day Litecoin price analysis

Litecoin price chart 1 - 8 August

Litecoin price chart by Trading View

LTC price fell to a day’s low of $55.81 during the first quarter of the 8th of August. At the time of writing, the LTCUSD pair traded at $57.86 US Dollars.

What to expect from LTC price?

The Trading View analyst Mello believes that the LTCUSD pair will see a rise towards the $80 mark.

Litecoin price chart 2 - 8 August

Litecoin price chart by Trading View

The crypto analyst drew a descending trendline over the LTCUSD pair’s trajectory. The analyst explained that it is imperative for LTC price to hold above the trendline support that it recently broke above. As per the idea, LTC price is expected to rise above the $80 mark, after which it may rise above the Ichimoku cloud and see new highs over a long-term trade of 1-2 years. The analyst expects the cryptocurrency to rise towards the $135 mark.

What’s next for Litecoin’s price?

The Trading View analyst Gene Tech is of the opinion that LTC price will see a fall after retesting the resistance near the $60 mark.

Litecoin price chart 3 - 8 August

Litecoin price chart by Trading View

Previously, the LTC price dumped on the 2nd of August after reaching the $65 mark. The cryptocurrency’s price retested above the $60 range, after which it fell to the $58 mark on the 7th of August. Gene Tech, the crypto analyst, is of the opinion that LTC price will retest the resistance that lies near the $60 mark, after which it will fall towards the $45 level.

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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