NewsletterLitecoin Price Analysis: Will Rising LTC Prices Sustain Above $50?
Over the past three weeks, the LTC price has resonated within the falling channel pattern. The recent bulls cycle bolsters buyers to rechallenge the resistance trendline. A potential breakout could trigger a genuine recovery rally. should you be entering a long trade?
Key points:
- LTC prices have increased by 1.29% in the last 24 hours.
- The price action shows a highly bearish resistance trendline.
- The intraday trading volume in the Litecoin coin is $345.6 Million, indicating a 28.3% loss.
Source- Tradingview
The LTC price action shows a long-coming downtrend under the influence of a resistance trendline in the daily chart. The trendline nullifies the V-shaped bullish reversal from the $40 mark, accounting for a price jump of 50% in June 2022.
However, the increased selling near the trendline results in a falling channel formation, as a descending support trendline forms. The LTC price chart shows a bull cycle within the falling channel, challenging the resistance trendline and hoping for a bullish breakout.
Moreover, the price action teases triple white soldier pattern formation as the streak of three bullish candles completes. If the LTC prices exceed the bearish trendline, the breakout rally might reach the $60 mark if the prices exceed the 50-day SMA.
On the opposite end, a bearish breakout will trend lower within the chancel to reach the $40 mark.
In a nutshell, LTC technical analysis displays a potential breakout rally exceeding the 50-day SMA to reach the $60 mark.
Technical indicator
The supertrend indicator highlights an overall downtrend.
The MACD indicator shows the fast and slow lines avoiding multiple bearish crossovers to maintain an uptrend and reach the zero line.
The RSI indicator shows a sharp reversal in the nearly oversold zone and suppressed the 14-day SMA reflecting an increase in the underlying bullishness.
Hence the momentum indicators reflect an increase in buying pressure and project a potential bullish breakout.
- Resistance Levels: $60 and $7
- Support Levels: $45 and $40
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.
Premium Partners
Related Articles
- Bitcoin to Drop to $10K? Bloomberg Analyst Makes Bold Prediction
- U.S. Banks May Soon Issue Stablecoins as FDIC Proposes GENIUS Act Framework
- Breaking: U.S. SEC Ends Four-Year Investigation Into Aave Amid Ongoing DAO Saga
- Breaking: U.S. Jobs Data Comes In Above Expectations, Bitcoin Price Rises
- Bitcoin Risks Deeper Fall on $20 Billion Crypto Hedge Fund Redemptions
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
