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Litecoin price treads to $42 while the market remains bearish

Litecoin price treads to while the market remains bearish

Litecoin price trod towards the $42 level on the 1st of July. Crypto Comes, the crypto analyst on TradingView, believes that LTC price will see a downtrend towards $39 in the upcoming week.

1-Day Litecoin price analysis (1st July)

Litecoin price chart 1 - 1 July

Litecoin Price Chart by Trading View

At the start of July 2020, the LTC price line had moved below the $41.20 mark, after which it gradually moved towards the $42 level as the cryptocurrency moved towards the end of the day’s trade. Litecoin was observed trading at $41.83 US Dollars at the time of writing.

What to expect from Litecoin?

Kyer is a TradingView analyst who believes that the LTCUSD pair is in an accumulation phase currently.

Litecoin price chart 2 - 1 July

Litecoin Price Chart by Trading View

The analyst suggested that LTC will see an uptrend soon if it breaks above the $41 support/accumulation level, and that they’re entering the trade with a 1$ drawdown stop-loss order.

Are bears still controlling the LTC market?

Crypto Comes is a TradingView analyst who believes that the LTCUSD market is currently bearish and that the cryptocurrency may fall towards the $39 mark.

Litecoin price chart 3 - 1 July

Litecoin Price Chart by Trading View

The analyst explained that the trading pair may appear bullish on the hourly time frame, but on the daily chart, LTC is still bearish. The Relative Strength Index (RSI) has shown a bearish divergence on the scale while it lies at 41.98 on the daily charts.

As per the analyst, the target price for this trade lies at $39, and it is expected by the analyst that the cryptocurrency will meet this target within a week’s time.

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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