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Litecoin price rises towards $69, what’s next?

Litecoin price rises towards what s next

On the 17th of August, the Litecoin price rose towards the $69 level. Slow And Steady Trading is a crypto analyst on Trading View who believes that the LTC price may have risen after confirming a breakout from a multiyear resistance.

1-Day Litecoin price analysis

Litecoin price chart 1 - 17 August

Litecoin price chart by Trading View

At the start of the day, the cryptocurrency was observed trading near the $64 mark. After 15:00 GMT, the price line turned bullish and rose past the $68 level. LTC traded at $65.82 US Dollars at the time of writing. For the day’s highest, the cryptocurrency approached the $68.97 mark.

What’s next for Litecoin price?

The Trading View analyst Slow And Steady Trading is of the opinion that the LTCUSD pair will turn bullish soon because it has broken out of a recent descending trendline.

Litecoin price chart 2 - 17 August

Litecoin price chart by Trading View

The descending resistance was established after the LTC price met its all-time high near the $375 mark. The resistance has been falling ever since. In July 2020, the cryptocurrency finally moved past the falling resistance and entered the breakout confirmation zone. At the time, the LTCUSD trading volume had increased. The price line attempted to confirm breakout as it moved to the $69 mark on the 17th of August.

LTC price appears to be moving towards the $78 resistance. If the cryptocurrency breaks across this resistance zone, it will have confirmed the breakout from the multiyear downtrend, which may allow the price to return towards the $375 mark.

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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