Litecoin price returns above $59.5, what’s next?

Litecoin price returns above $59.5, what’s next?

On the 3rd of August, the Litecoin price line made its way above the $59.50 level. The cryptocurrency is expected to test the resistance above the $60 mark up next.

1-Day Litecoin price analysis

Litecoin price chart 1 - 3 August

Litecoin price chart by Trading View

For the day’s highest, LTC price reached the $60.12 mark, whereas the cryptocurrency stood at a day’s low of $55.92 at the beginning of the day. At the time of writing, the LTC price was placed at $59.24.

What to expect from LTC?

The Trading View analyst Without Worries believes that LTC price will move short towards the $50 mark.

Litecoin price chart 2 - 3 August

Litecoin price chart by Trading View

In support of their idea, the analyst highlighted the Stochastic Relative Strength Index (RSI), which appeared to be crossing down 80. This indicated a short-term move for LTC price.

What’s next for Litecoin’s price?

The Trading View analyst Stell believes that the LTCUSD pair will retest the resistance that lies above the $60 level.

Litecoin price chart 3 - 3 August

Litecoin price chart by Trading View

The analyst highlighted an ascending parallel channel on the 4-Hour chart for the LTCUSD pair. The cryptocurrency moved above the channel’s upper resistance after the 1st of August, and it reached a high near the $65 mark.

The cryptocurrency turned bearish on the 2nd of August and continued towards the $58 level, where it entered from what it seems, a pennant. The analyst has shown that the trading pair broke out of this pennant on the 3rd of August, and it is expected to move towards the $60.72 resistance.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement.

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