Litecoin price varies near $46.50: what’s next?

Litecoin Featured Image

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 ChartLitecoin 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.

Litecoin Featured Price ChartLitecoin Price Chart by Trading View

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.

Litecoin Price Idea ChartLitecoin Price Chart by Trading View

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 the Litecoin will see a rise in its price after lowering towards the $44 level. 

Litecoin Price Featured ChartLitecoin Price Chart by Trading View

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.

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