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Litecoin price returns to $54.5, fall to $48 ahead?

On the 13th of August, the Litecoin price fell towards the $52 mark after the market turned bearish. By noon, the cryptocurrency had recovered above the $54.5 level.

1-Day Litecoin price analysis

Litecoin price chart 1 - 13 August

Litecoin price chart by Trading View

LTC traded at the $54.5 level when it stepped onto the 1-Day chart for the 13th of August. Just after 09:00 GMT, the price line moved below the $52 mark, where it approached a day’s low of $51.9. LTC rose to a day’s high of $55.26 by 01:20 GMT. At the time of writing, the LTC price was observed at $54.34 US Dollars.

Will Litecoin’s price fall below $48?

The Trading View analyst Solldy drew an ascending parallel trading channel for the LTCUSD pair on its 4-Hour chart. The analyst believes that the cryptocurrency’s price will now hit the bottom of the trading channel in a short-term trade.

Litecoin price chart 2 - 13 August

Litecoin price chart by Trading View

As per the chart above, the cryptocurrency has been trading inside the ascending channel ever since the price fell below the $48 mark in March 2020. LTC price had tested the upper boundary of the ascending channel twice in the past, while it met the bottom of the trading channel twice as well.

The idea depicts that the LTC price will go short and fall below the $48 mark. If the idea comes into play, the correction will cause the cryptocurrency to fall to the ascending support line of the trading channel in which the LTCUSD pair is shown to trade.

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