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The Litecoin price line fell towards the $41.40 level on 5th July only to recover back up to the $42.53 mark. Vasiliy VP, the crypto analyst on TradingView, believes that LTC price will see an uptrend towards the $80 mark.
1-Day Litecoin price analysis (5th July)
Litecoin price chart by Trading View
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Litecoin price treads to $42 while the market remains bearish
The cryptocurrency had reached past the $42.20 at the beginning of 5th July, while it gradually trod towards the $41.40 mark while the day’s trade moved to its end, but right after the day end the price started moving back up. At the time of writing, the LTCUSD pair was observed at $42.53 US Dollars.
What to expect from Litecoin price?
Cryptoneur is a TradingView analyst who highlighted a descending trendline for the LTCUSD pair. The trendline appears to have begun in December 2017, and as per the analyst’s idea, the LTCUSD pair should breakout above the descending trendline before hitting bottom at $0.63.
Litecoin price chart by Trading View
The analyst drew a secondary trendline below the LTCUSD pain, which appears to form a descending triangle pattern from 15th April 2019.
After the breakout, the trading pair is expected to rise towards the $300 mark in the upcoming year.
Litecoin price to move towards $80?
Vasiliy VP is another TradingView analyst who believes that the LTCUSD pair will see an ascending movement next.
Litecoin price chart by Trading View
The analyst highlighted a trading pattern between 2015 and 2016, in which the LTCUSD pair observed the first halving, which was followed by an uptrend towards the $5.63 mark.
The pair had rested on a support level near the $3.61 level. The analyst believes that the LTCUSD pair has formed a similar pattern after its second halving from August 2019.
Similar to how the cryptocurrency moved towards the resistance in October 2015, the price trajectory touched the resistance in February 2020, and it is expected to move towards the $80 mark after some price lingering.
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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