Litecoin News Today – Is Litecoin LTC Heading for a Head and Shoulders Pattern After Breaching $47? June 7th, 2020

  • Litecoin LTC price breached the $47 mark in the last 24-hours
  • The coins’ price may be set for a head and shoulders pattern
  • Litecoin LTC price may not grow in the short-term outlook

LTC news today – The charts show that the price of Litecoin declined to the $47 mark on June 6. The digital currency managed to trade in a day’s range of $45.99 and $47.23. The market seems to be correcting at press time. It will appear that the price of Litecoin is heading to a head and shoulders trend. At least that’s what one TradingView analyst thinks. The cryptocurrency analyst known as Cryptocomes believes that the LTC/USD trading pair is set to form a head and shoulders pattern after LTC went lower to the $47 mark and traded within $45.99 and $47. Let’s see what Litecoin’s daily chart says regarding this analysis.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$136.17

Litecoin News Today – Litecoin’s Price Action on the Daily Chart

The top-ranked digital asset reportedly traded within the $47.60 price level at the start of June 5. Shortly after, the coin gradually moved to the $46.60 price position. The LTC/USD trading pair eventually closed trade at the $46.60 price level by the end of June 5. In the next few hours, Litecoin’s price started to trade near the same position until 09:00 GMT. It was at this point that the trading pair managed to move past the $47 area for a brief period. On the daily chart for LTC/USD, the RSI (Relative Strength Index) varied above the 40.00 level via the hourly time frame. RSI was also seen closing at the 43.04 level. As of when this content was written, the LTC/USD trading pair was seen changing hands at the $47.04 price position.

Litecoin Price Prediction – Litecoin Price is Forming a Head and Shoulders Pattern

Back to the analysis given by the TradingView’s Cryptocomes. LTC is set for a new direction after breaching $47. The analyst suggests that the Litecoin price isn’t likely to achieve any form of growth in the short-term outlook. He concluded that this means the trading pairs are heading to a head and shoulders trend. The digital currency should fall to the $43.25 area, based on the prediction issued by the TradingView crypto analyst. The drop in the price of LTC over the last 24-hours has been 0.5%. There is a bearish divergence on LTC’s RSI indicator. This suggests that a bearish move will likely come into play for the pair. While concluding their prediction for Litecoin, Cryptocomes said the bullish pattern that started in the middle of March for LTC/USD is now set to conclude.

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