Litecoin Price Analysis: Can LTC Break Current Ascending Triangle And Head Toward $50?
- Litecoin saw a small 2% price increase as it trades at $40.
- The cryptocurrency has been trading within an ascending triangle over the past 2-weeks.
Litecoin saw a small 2% price increase over the past 24 hours as it reaches the upper boundary of an ascending triangle that it has been trading within over the past 2-weeks. The cryptocurrency must break this consolidation pattern to dictate the next direction of travel for Litecoin.
It had found support at $30 during the March market capitulation which allowed the coin to rebound and start to slowly grind higher. However, the bulls are still not in charge of the market momentum just yet which could suggest we may see Litecoin headed lower.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see the ascending triangle that is outlined. The cryptocurrency found support at $30 as it slowly started to grind higher over the past 2-weeks of trading.
It now faces strong resistance at around $41 which is provided by the upper boundary of the triangle. It has failed to break this resistance over the past 4-days but is still remaining supported at $39.
Short term prediction: NEUTRAL
As we are trading within a consolidation pattern we can consider that Litecoin is neutral at this moment in time. A break beneath the lower boundary of the triangle would turn it bearish again. However, to turn bullish, Litecoin would still have to rise much higher and break above the resistance at $52.
Once the upper boundary is broken, the first level of resistance lies at $44. Above this, resistance lies at $47.70 (bearish .382 Fib Retracement), $49.33 (1.272 Fib Extension), and $50. Above $50, added resistance lies at $52 (1.414 Fib Extension) and $54.70 (bearish .5 Fib Retracement).
Toward the downside, the first level of support lies at $39. This is followed by support at the lower boundary of the triangle. Beneath this, support lies at $36, $32, and $30.
Key Levels
Support:$39, $36, $35, $32, $30, $28, $25.
Resistance: $41, $44, $47.70, $49.33, $50, $52, $54.70, $56.
- CFTC Approves Stablecoins as New Collateral Option in U.S. Derivatives
- Fold Launches Bitcoin Credit Card with Stripe and Visa Partnership
- SEC Approves Grayscale’s Ethereum ETFs Under New Generic Listing Standards
- Breaking: Jerome Powell Cools Further Rate Cut Expectations, Bitcoin Drops
- Senate CLARITY Act Markup Delayed Amid Looming U.S. Government Shutdown
- PEPE Coin Price: Analyst Sees Breakout-Retest Pattern- Will It Surge Over 230%?
- Shiba Inu Price Eyes 25% Rally as Outflows Jump and Whales Buy 62B Coins
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
