Litecoin 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
- Crypto Market Correction Intensifies As S&P 500, Dollar Index Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Dogecoin Price Prediction as Grayscale ETF Move Meets Cycle Breakout: Is a New Peak Ahead?
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
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.
