Litecoin Price Analysis: LTC Consolidation May End With $60.8 Breakout
The ongoing consolidation in Litecoin(LTC) chart reflects a cup and handle pattern. Furthermore, the coin price is currently forming the handle portion of the pattern and leads the recovery rally to $60.88 neckline resistance. A bullish breakout from this barrier should carry a directional rally.
Key points
- The LTC price has surged 8% in the past five days
- The possible reversal from the $60.8 resistance may continue the range rally
- The intraday trading volume in the Litecoin coin is $621.7 Million, indicating a 50% gain.
Source- Tradingview
A V-shaped recovery during June’s second week surged the LTC/USDT pair 46% higher to $60.8. However, the profit booking from short-term traders triggered a minor pullback of 18.6% and plunged the price to a $50 psychological level.
Furthermore, the replenished bullish momentum at this support surged the LTC price to its current level at $53.76.
The technical chart shows the formation of a cup and handle pattern in the daily time frame chart.
This bullish reversal pattern should guide the price action 14.2% high to the neckline resistance of $60.8. Furthermore, an upside breakout from this resistance would provide another footstep for traders to continue the rally.
If the buyers show sustainability above the $60.8 mark, the technical set-up indicates that the coin price could rise 20.6% to $73.5.
On a contrary note, if the sellers undermine the rising bullish momentum and revert the LTC price lower, the traders may witness a range-bound rally.
Technical indicator
Supertrend: the supertrend indicator reflects an overall trend in daily time frame chart
ADX indicator: The ADX slope shows an unwavering downfall projecting the losing bearish momentum. Thus, the buyers can take this advantage and breach the above resistance.
Vortex indicator: A couple of crossover between the VI+ and VI- slopes accentuates the ongoing consolidation in LTC price. However, the current bullish alignment suggests the buyers have the upper hand.
- Resistance level- $60.8 and $73.44
- Support levels- $50, and $41.68
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