- Litecoin price lower high pattern and higher low pattern leads to consolidation at $35.
- A triangle breakout is nigh and if supported by increased trading volume it could catapult LTC/USD above $50.
Litecoin price has been narrowing towards $35 since the crash that took place last week. Support was established at $25. The recovery that ensued stepped above $30 but failed to break the resistance at $40. The lower high and higher low pattern formed in the last seven days has resulted in the formation of a symmetrical triangle pattern.
Meanwhile, consolidation in the zone at $35 suggests that a breakout is in the picture and coupled with the triangle pattern, is likely to launch LTC/USD into a trajectory targeting $50 and $60 levels.
Litecoin price analysis
Litecoin’s immediate upside is limited by the 50 Simple Moving Average (SMA) on the 4-hour chart. A break above $40 will definitely boost the price upwards but the buyers should be prepared to deal with the resistance at the 100 SMA.
From a technical perspective, the Relative Strength Index (RSI) upward trend from 14.00 (last week’s lows) to levels above the average (50) shows that bulls have control over the Litecoin, at least for now. Unfortunately, the volume remains low due to skepticism regarding the Coronavirus pandemic. Most buyers are afraid to join the market as more declines associated with the still unstoppable virus are anticipated across the crypto and traditional markets.
LTC/USD 4-hour chart
Litecoin Key Levels
Spot rate: $34.97
Relative change: 0.26
Percentage change: 0.75%
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