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2 June 2023
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Litecoin price falls down to $46 after rising above $47

It seems that most cryptocurrencies are following Bitcoin’s upward move, and in a similar fashion Litecoin price rose across the $47.00 mark on the 7th of June. Although there are the obvious visible differences between the two cryptocurrencies but the charts are a better telltale.

The cryptocurrency held above the $46.00 level for the 8th of June. Gamer456148, a TradingView analyst, is of the opinion that LTC may rise towards the $50.00 mark.

1-Day Litecoin price analysis (8th June)

Litecoin price chart 1 - Jun8Litecoin Price Chart by Trading View

Litecoin turned bearish in the afternoon of the 7th of June. The bearish momentum made LTC price fall below the $45.40 mark. After 18:00 GMT, the cryptocurrency appeared bullish, and the price line rose across the $47.00 mark. At the time of writing, the cryptocurrency traded at $46.12 US Dollars.

The Relative Strength Index (RSI) was observed at a high of 80.91 near 19:45 GMT. At the time, the LTCUSD pair had risen across the $46 level, and Litecoin was oversold at the instance. At the time of writing, the technical indicator was at 50.88.

Litecoin price movement: What’s next?

Litecoin followed BTC’s bullish momentum on the 7th of June, which caused LTC price to move past the $47.00 mark.

Trading view analysts Gamer456148 believes that the cryptocurrency will test the $48.00 level, and if it exhibits a breakout, then it will rally towards the $50.00 mark.

Litecoin price chart 2 - Jun8Litecoin Price Chart by Trading View

LTC saw a downward rollback on the 8th of June. This idea remains for a long trade, and it hasn’t come into play as of yet. However, if BTC’s market remains bullish and Litecoin holds its current range, then it may test the $48 mark. Subsequently, a breakout above the $48 resistance will allow LTC to move towards the $50.00.

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