Litecoin Price Analysis: 8 June, Litecoin is Bullish

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Litecoin to USD: Dominant Trend: Bullish

Supply Level: $135, $145, $150

Demand Level: $90, 70, $60

 

 

The price of Litecoin is motivated by great anticipation and should be reduced by half in the next 60 days. The LTC/USD is under additional upward pressure and a breached barrier at $120. The halving in the code has been included to control inflation and extend the longevity of the network. Current inflation in long-term care currently stands at 8.83%, after reducing by half; it will fall to 4.26%. Historically, half of the events tend to have an upward trend. Technically, the LTC/USD remains under new upward pressure; however, the bulls must break a heavy supply zone seen around $120. If the price wrecked this area, the eyes would be set at $135, negotiated for the last time here in May 2018. On June 4, the price of Litecoin reached a minimum of $98.65. There was a gradual increase and the price reached a maximum of $105.8 the next day.

 

Since then, the price is changed within the symmetric triangle. On June 6, the price of long-term care broke from the triangle. It reached a maximum of $115 before starting to decrease. To better determine the future movements of prices, the price in Litecoin is analyzed daily, along with the RSI and the MACD indicators. The price of Litecoin follows a line of increasing support from its lowest floor, on May 24, which amounts to $89.33. In addition, there is bearish divergence developing in the RSI and the MACD. This is evident in the highs reached on May 28. This is often a sign of lower prices. However, this downward trend is a very broad assumption of the possible decrease in the prices of the coin. Now, one can’t conclude to predict the exact price movements of this possible move. However, it is necessary to believe that a short-term decrease in the ascending support line is inevitable.

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