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On the 10th of June, Litecoin price observed an uptrend across the $47.00 mark. Nagihatoum is a Trading View analyst who believes that LTC price will see further consolidation for a couple of more weeks before it drops towards the falling channel’s support level.
1-Day Litecoin price analysis (10th June)
The cryptocurrency traded near the $46.00 mark at the beginning of the day, while it gradually moved across the $47 mark after 18:00 GMT. At the time of writing, the cryptocurrency traded at $46.68 US Dollars.
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Daniel Ramsey is a TradingView analyst who suggested that Litecoin would rise towards the $46.70 mark.
The support lies at $41.54 while the resistance lies at 50.38, as suggested drawn by Ramsey in their idea chart.
On the 10th of June, the cryptocurrency climbed upwards on the charts, while it was previously situated at $45.88. The coin’s price moved towards the $46.70 mark, as suggested by the crypto analyst. This trade was completed near 18:30 GMT.
Litecoin price movement; what’s next?
Nagihatoum explained that LTC continues to consolidate, while it attempted twice to move above the BB median and the 200-Day Moving Average, but it was rejected.
The analyst suggests that even if LTC price were to break above the BB median, a falling channel resistance above it, the BB top, and the Ichimoku cloud will restrict the cryptocurrency from moving above.
Nagihatoum added that unless there is an increase in the volume, the cryptocurrency will not move above. However, the volume has been declining over the past two years because of a decreasing interest of investors.
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.
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