Litecoin price unable to maintain the $42 level, what’s next?

Litecoin price rises to what s next

The Litecoin price line gradually made its way across the $42 level on the 4th of July. Alice Crypt, a crypto analyst expects LTC price to see a reversal within the next 6 to 12 months.

1-Day Litecoin price analysis (4th July)

Litecoin price chart 1 - 4 July 2020

Litecoin Price Chart by Trading View

Litecoin traded at $42.07 for quite some time and tested the same level thrice during the past 24-hours but unable to sustain the cryptocurrency fell back down below $41.60 mark. At the time of writing, LTC traded at $41.50 mark.

What’s next for LTC price?

VBlha is a TradingView analyst who has drawn a descending trendline on the 1D LTCUSD chart.

Litecoin price chart 2 - 4 July

Litecoin price chart by Trading View

The analyst believes that the LTC price may either move downwards along the trendline or exhibit a break above the descending trendline. As per their idea, the LTCUSD pair has an 80% chance of falling towards the $30 level, while there also exists a 20% chance that the cryptocurrency breaks above the descending trendline and gains bulls.

In the first and the more probable scenario, the trading pair has been assigned a target price of $30.68.

Will Litecoin price see a reversal?

Alice Crypt is another TradingView analyst who has discussed a long term trading scenario for the LTCUSD pair, while they drew a descending triangle pattern on the LTCUSD chart.

Litecoin price chart 3 - 4 July

Litecoin price chart by Trading View

The analyst believes that LTC might see a revival if it breaks above the descending triangle pattern. The price revival was first observed in 2017, and then in 2019. The analyst has added that there are rumors of privacy features being added, which could boost the cryptocurrency’s price and allow it to break across the descending trendline in the long trade.

Currently, the volatility of the pair is considered low; however, the analyst expects that this coin may bullishly reverse in 6 to 12 months.

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.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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