- Litecoin surged by a strong 9.2% over the past 24 hours as the cryptocurrency trades at $44.
- Litecoin has now broken above a consolidation pattern that it was trading within for the past 3 weeks.
Litecoin increased by a total of 9.2% over the last 24 hours of trading as the cryptocurrency reaches $44.60. This price surge totally outpaced the increase of 6% seen in Bitcoin and has allowed Litecoin to break above an ascending triangle pattern that it has been stuck within.
This break above the triangle has allowed Litecoin to turn bullish as it sets its sights to head above the $50 level and toward $62.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can clearly see Litecoin being trapped within the ascending triangle pattern as it was bound by resistance at $42 for the past 3-weeks of trading.
The cryptocurrency broke out today as it almost reached the apex of the triangle. It has now surged further higher to reach the current trading level at $44.62.
Short term prediction: Bullish
The breakout of the triangle has now caused Litecoin to turn positively bullish in the short term. It will still need to rise higher and break resistance at $62 (March highs) to turn bullish over a longer period, however, the recent push above the 50 level on the RSI creates a very optimistic outlook for Litecoin.
If the bulls manage to continue higher above $44.62 and break $45, we can expect the first level of resistance to be located at $47.70 which is provided by a bearish .382 Fib Retracement level – measured from the February 2020 high to the March 2020 low.
Above this, resistance lies at $50, $52 (1.414 Fib extension), $54.70 (bearish .5 Fib Retracement), and $56. This is then followed by resistance at $61.70 (bearish .618 Fib Retracement).
Toward the downside, support lies at $42, $40, $39, $36, and $32.
Support:$42, $40, $39, $36, $35, $32, $30, $28, $25.
Resistance: $47.70, $49.33, $50, $52, $54.70, $56.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.