Litecoin price falls to $58, what’s next?

On the 7th of August, the Litecoin price line moved towards the $61 mark before it fell below $58 closer to the end of the day’s trade.

1-Day Litecoin price analysis

Litecoin price chart 1 - 7 August

Litecoin price chart by Trading View

At the beginning of the day’s trade, the cryptocurrency was observed at the $59 level. For the day’s highest, the LTC price reached $61.11 US Dollars. At the time of writing, Litecoin traded at $58.62 US Dollars.

Will Litecoin’s price retest the falling resistance?

The Trading View analyst Vince Prince is of the opinion that the LTCUSD pair may retest the huge falling resistance above the $60 mark.

Litecoin price chart 2 - 7 August

Litecoin price chart by Trading View

On the 12-Hour chart, the cryptocurrency analyst explained that the LTCUSD pair bounced off the descending resistance after testing it on the 2nd of August. The analyst is of the opinion that the cryptocurrency will make another stride after consolidating above the important Exponential Moving Average (EMA) structure that is shown in the chart above as the important range.

For now, the analyst believes that LTC price will fall towards the technical indicators, the 100-Day EMA, and the 200-Day EMA, which are marked in red and black. If Litecoin holds above the EMAs, then it will then rise and test the falling resistance; otherwise, it will attempt to stabilize near the $49 and $50 marks. If the cryptocurrency becomes further bearish, then it will drop below the important range and into the bearish zone.

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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