Litecoin price tests $61 resistance, what’s next?

Litecoin price tests resistance what s next

On the 15th of August, the Litecoin price line rose past the $60 level. The cryptocurrency tested the resistance near the $61 mark and it currently stands above the resistance level.

1-Day Litecoin price analysis

Litecoin price chart 1 - 15 August

Litecoin price chart by Trading View

The cryptocurrency stood shy of the $57 level at the beginning of the day’s trade, after which it rose past the $58 level near 15:00 GMT. LTC price closed the day’s trade near the $60 mark. At the time of writing, Litecoin traded at $61.29 US Dollars.

What’s next for Litecoin price?

Trend Father is a Trading View analyst who has suggested two possible scenarios that the LTC price may observe ahead.

Litecoin price chart 2 - 15 August

Litecoin price chart by Trading View

The analyst believes that as the cryptocurrency is currently testing the $61 resistance level, so according to Plan A, the price line might break past this resistance and rise towards the resistance placed near the $65 mark. If this scenario takes place, the cryptocurrency will test the $65 level resistance up next.

As per the second scenario, the analyst believes that the cryptocurrency’s price may fall towards a buyers zone in the $56 to $58 range. This is if the current moment of LTC price is not strong enough to break past the $61 resistance. The buyers zone will provide the volume that the trading pair requires to become bullish and break past the resistance. This can only happen if LTC price falls to the said buyers zone because the density appears to be high there.

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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