Litecoin price rises towards $45.20 following death cross

The Litecoin price line crossed the $45.20 mark on the 29th of May, while the cryptocurrency traded between a day’s range of $44.18 — $45.25.

Litecoin has a market capitalization of $2,893,787,006 US Dollars while the cryptocurrency is enjoying the seventh position on the charts despite having fallen from the number four position before halving last year.

1-Day Litecoin price analysis (29th May)

Litecoin Price ChartLitecoin Price Chart by Trading View

On the 29th of May, Litecoin appeared bullish and moved past the $45.20 level at the very beginning of the day. The cryptocurrency reached a day’s high of $45.25 US Dollars, while it returned towards the $44.60 level as the day proceeded. At the time of writing, the LTCUSD trading pair was observed at $44.90 US Dollars.

The Relative Strength Index (RSI) rose to a high of 80.88 at the time the cryptocurrency appeared bullish. This showed an overbought instance for Litecoin at that time. The RSI closed the 24hour trade at a value of 41.89 on its scale.

Litecoin price in death cross pattern

MaxKoke is a TradingView analyst who believed that the cryptocurrency will see a bull run. According to the analyst, this is because on the 1H chart, the death cross pattern formed on the 28th of May.

Litecoin Featured Price ChartLitecoin Price Chart by Trading View

As per the chart above, the crypto analyst highlighted two cross patterns. The first one occurred on the 22nd of May, while the second one has occurred on the 28th of May. The first pattern drove the price below the $42.50 mark, while the recent one was expected to lead LTC to a bullish run.

On the 28th of May, the cryptocurrency appeared bullish and it moved past the $45 mark. This depicts that the idea suggested by the crypto analyst currently is in play.

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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