Litecoin price rises to $59.5, breakout ahead?

Litecoin price rises to breakout ahead

On the 5th of August, Litecoin price rose towards the $59.5 mark. The cryptocurrency traded within the day’s range of $56.76 to $59.55.

1-Day Litecoin price analysis

Litecoin price chart 1 - 5 August

Litecoin price chart by Trading View

At the day’s lowest, the cryptocurrency stood at $56.84. At the time of writing, Litecoin traded at $59.14 US Dollars.

What’s next for Litecoin price?

The Trading View analyst Faibik is of the opinion that LTC price will break upwards from a descending parallel trading channel.

Litecoin price chart 2 - 5 August

Litecoin price chart by Trading View

The analyst drew the parallel trading channel from the 27th of May, until October 2020. The cryptocurrency has hit the upper boundary of the trading channel, and the analyst expects that LTC price will observe an upward breakout here. For this trade, the analyst believes that the coin’s price will rise towards the $120 mark.

What to expect from LTC price?

The Trading View analyst Skildo is of the opinion that the LTCUSD pair will soon see an upward breakout from the symmetrical triangle.

Litecoin price chart 3 - 5 August

Litecoin price chart by Trading View

As per the 4-Days chart above, Litecoin has still not broken out of the big symmetrical triangle pattern even after its recent price pump. LTC price appears to be consolidating near the upper trendline of this pattern, which is why the analyst believes that the LTC price will confirm an upward breakout soon.

Apart from the upper descending trendline of the trading pattern, the 200-Day Moving Average (MA) is also acting as an overhead resistance while being perfectly in line with the upper trendline.

The daily timeframe shows that LTCUSD will now have a bullish Exponential Moving Average (EMA) cross, which is a bullish sign for the cryptocurrency’s price. The analyst suggests traders should wait for the breakout and then the retest of the breakout point, which will be ideal for the traders to enter this trade.

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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