Litecoin price rises to $64, fractal ahead?

Litecoin price rises to fractal ahead

The Litecoin price line rose towards the $64 mark on the 16th of August. Vince Prince is a Trading View analyst who believes that LTC price will form a fractal on its charts soon.

1-Day Litecoin price analysis

Litecoin price rises to $64, fractal ahead? 1

Litecoin price chart by Trading View

At the day’s lowest, the LTC price had fallen to $58.61, whereas the day’s highest price for Litecoin was $64.61. At the time of writing, LTC traded at $63.27 US Dollars.

What to expect from Litecoin’s price?

The Trading View analyst Vince Prince provided a fractal analysis for the LTCUSD pair on its 12-Hour chart.

Litecoin price chart 2 - 16 August

Litecoin price chart by Trading View

The analyst explained that the cryptocurrency had formed a fractal between the $39 and $50 levels. The previous fractal was formed between a triangle pattern, while LTC appears to be building another fractal, similar to the last one. The crypto analyst suggested that the fractal being formed is supported by the blue lines that they have shown in their idea chart.

The trading pair is building the same big triangle like the one that was built between May and August. LTC appears to be trading above the 200-Day Exponential Moving Average (200EMA) and the 30-Day Exponential Moving Average (30EMA), which appear to be forming a single and unified support.

As per the idea, the upper boundary of the triangle that is being formed will cause the LTC price to bounce towards the unified support that is being formed by the 200EMA and the 30EMA. The cryptocurrency will finally break above the formed triangle, which will allow the price line to rise higher on its charts.

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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