Litecoin [LTC] Price Analysis: Impending Bullish Flag Pattern Breakout

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Litecoin [LTC] Price Analysis: Impending Bullish Flag Pattern Breakout

  • Litecoin has sustained growth above a long-term trend line since December 2018.
  • Litecoin does not have a shortage of support levels.

In spite of the correction the high traded in April this year, Litecoin has sustained growth above a long-term trend line that has been forming since the lows of December at $22.58. Besides, the price is above the 100 SMA the 100 Simple Moving Average (SMA) daily chart.

LTC/USD daily chart

Litecoin price analysis
Chart Source: Tradingview

Following the surge in the first week of April, Litecoin explored the levels close to $100 but the trend reversed. Moreover, the asset has not been able to recover its lost glory instead we see we have witnessed a break below $80.00 and even the main support at $70.00. The ascending trendline has been very instrumental in stopping declines over the past five months.

A correction from $70.00 support has stepped above $80.00 and formed May highs at $87.27 (on Coinbase) before bearish pressure kick in again. The daily chart shows a building bullish momentum at $76.34 (current value). The price is grinding closer to a bullish flag pattern breakout that is likely to open the door for a correction to highs around $90.00 and eventually reach out to levels close to $100. A bullish flag pattern is considered a continuation pattern. It indicates that the trend before the pattern formed is likely to form following a resistance breakout.

Also Read: Binance Coin [BNB] Slips To Further $18 While Bitcoin Enjoys Momentum

The first resistance is $80.00 (price resistance congestion). The second hurdle is at May highs around $87.27. $90.00 will also limit growth to the upside while $100 is the ultimate medium-term resistance level.

Litecoin does not have a shortage of support levels either with $70.00 bring the initial vital support. $60.00 is the second support congestion zone whole $40 is the third key support area.

Litecoin Key Technical Picture

100 SMA daily chart: $62.39

MACD daily chart: +0.6949

RSI daily chart: 50.3626 (trending up).

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Litecoin [LTC] Price Analysis: Impending Bullish Flag Pattern Breakout
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Litecoin [LTC] Price Analysis: Impending Bullish Flag Pattern Breakout
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Litecoin has sustained growth above a long-term trend line since December 2018. Litecoin does not have a shortage of support levels.
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John Isige 62 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.