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Litecoin (LTC) Price Analysis for August 5

Price Predictions
Thu, 08/05/2021 - 15:45
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Denys Serhiichuk
Can bulls seize the initiative and get Litecoin (LTC) back to $150?
Litecoin (LTC) Price Analysis for August 5
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Today, neither bulls nor bears are dominating as some coins are in the green zone while others are in red.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

LTC/USD

Litecoin (LTC) could not follow the rise of Bitcoin (BTC) and other growing coins as the rate of the "digital silver" has gone down by 1.21% since yesterday.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

On the hourly chart, Litecoin (LTC) has bounced off the $136 mark, following a rising trading volume. At the moment, there is a high chance to come back to the zone of the most liquidity around $140.

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Such a scenario is relevant until the end of the day.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

On the bigger chart, bulls have seized the initiative after testing the $135 mark. In this case, there is a high probability of seeing a test of the resistance at $145. However, there are few chances of buyers breaking this zone today as they have run out of fuel to keep the growth going.

LTC/USD chart by TradingView
LTC/USD chart by TradingView

According to the daily time frame, Litecoin (LTC) is accumulating power in the range of $140-$145. The trading volume is low, which means that after a breakout of the vital $150 mark, the price can continue the growth to the nearest resistance at $155.

Litecoin is trading at $141.22 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.