LTO Network Price Analysis: This Bullish Pattern Should Help LTO Coin To Rechallenge The All-Time High Resistance 

By Brian Bollinger
Published November 21, 2021 Updated November 22, 2021
Best Buy In

Exchanges

Wallet

LTO Network Price Analysis: This Bullish Pattern Should Help LTO Coin To Rechallenge The All-Time High Resistance 

By Brian Bollinger
Published November 21, 2021 Updated November 22, 2021

The LTO coin price shows a parabolic rally in the last few weeks, presenting a high of $185% for this month. The coin price was rejected from the $0.75 resistance and revealed that it is forming a Cup and handle pattern. If the coin breaks out from the pattern’s neckline, its price should initiate a significant rally.

Key technical points:

  • The LTO coin’s daily RSI chart shows a striking drop in its value
  • The LTO price obtains strong support from the 20-day EMA line
  • The intraday trading volume in the LTO coin is $71.2 Million, indicating a 192.5% gain

TradingView Chart

Source- LTO/USD chart by Tradingview

The LTO coin has shown remarkable growth this month as the price is currently trading 110% high from the month’s low. This rally experienced strong rejection from the $0.75 and initiated a correction phase. 

However, the bigger picture shows the coin is forming a Cup and Handle pattern in the daily time frame chart. The coin chart indicates the base for the pattern’s handle portion is at $0.48.

According to crucial EMAs(20, 50, 100, and 200), the overall trend of this coin is strongly bullish. Moreover, the 20 EMA line is providing good support to the price.

The Relative Strength Index(63) indicates the coin is under a bullish sentiment. However, the RSI line lost too much of its value in this minor correction, suggesting weakness among the market buyers.

LTO/USD Chart In The 4-hour Time Frame

TradingView ChartSource- LTO/USD chart by Tradingview

The LTO coin indicates a V-shaped recovery phase in its price in the lower time frame chart, indicating a strong buying pressure. The coin is currently approaching the overhead neckline resistance of the $0.748 mark, which the price needs to reclaim to complete this pattern.

If the price sustained that bullish breakout, the coin should build up enough bullish momentum to rechallenge the All-Time High resistance of $0.91 and maybe even break out from it.

The MACD indicator shows that both signal and MACD line is about jump above the neutral zone, indicating a bullish momentum for the coin.

 

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Brian Bollinger
185 Articles
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

Loading Next Story