The Litecoin price line rose across the $47.50 level before falling towards the $46.50 mark on the 31st of May. The cryptocurrency traded within a day’s range of $45.87 — $47.77.
1-Day Litecoin price analysis (31st May)
Litecoin Price Chart by Trading View
LTC saw an increase of over 4% of its price at the beginning of the 30th of May. The cryptocurrency stood below the $44.50 level, while it rose across the $47.50 mark before approaching the 31st of May. At the time of writing, LTC traded at $46.55 US Dollars.
Litecoin: rise after bullish consolidation?
AndyCarter is a TradingView analyst who suggested that the LTCUSD trading pair will see an uptrend after the month-long bullish consolidation that was observed by the cryptocurrency.
The analyst highlighted the next three price targets for LTC as, $50, $60 and $66. If this trade continues strong, this will become promising for the cryptocurrency. This idea is yet to come to play.
Litecoin price towards $50 next?
RafaelZioni is another crypto analyst who believes that Litecoin will fall towards the $42 mark before it can rise again.
Currently, the cryptocurrency has fallen to the $46 level. The crypto analyst highlighted a wedge pattern for Litecoin. If Litecoin falls towards the $42 mark, it may rise above the $50 level, and possibly break out of the wedge pattern shown in the chart above.
Litecoin: what’s next?
VincePrince is a TradingView analyst who has suggested that Litecoin will see a rise in its price after lowering towards the $44 level.
The analyst explained that LTC broke out of the descending channel that is shown in the chart above. VincePrince added that this is a good sign for a bullish continuation, and the analyst believes that the short-term target of $49, and the mid-term target near the $50 mark will both be fully activated, once the upper boundary of the channel is confirmed.
If the LTCUSD pair falls below the 300-Day Moving Average, this may cause a bigger downside to the trend while adding a bearish shape to the structure.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.