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Highlights
- A bullish breakout from the triangle pattern triggers an opportunity for buyers to regain control over this asset.
- The Litecoin price with an intraday gain of 12% and significant volume gives a decisive breakout from the triangle.
- The 24-hour trading volume in the Litecoin coin is $1.57 Million, marking a 129% gain.
Litecoin Price Prediction: The cryptocurrency market is wavering in uncertainty this week as it resonates around the $70000 mark. While a majority of major assets project the same behaviors, the Litecoin price emerged as one of the few that outperformed the broader mark. The LTC price in the daily chart shows a V-shaped recovery and teases a breakout from a long-coming triangle pattern.
Also Read: Crypto Prices Today March 29: Bitcoin Exceeds $70K, Ethereum Nears $3600, SOL, PEPE, WIF Rally
Litecoin Aims for $134 and Beyond After Escaping Accumulation Zone
Defying the current market correction, the Litecoin price rebounded from $77 support in the fourth week of March. The positive turnaround recovered the losses from the last correction and propelled the coin price 38.25% to reach the current trading price of $106.
Litecoin, with a market capitalization of $7.89 billion, ranks among the top 20 largest cryptocurrencies according to CoinMarketCap.
An analysis of the daily chart shows this rising price breaks above the higher trendline of the triangle pattern. The chart pattern led a sideways trend for the past two years, with price resonating within two converging trendlines.
This breakout signals the buyers escaping a long-term accumulation trend and stepping into a fresh recovery sentiment. However, a daily candle closing above the resistance trend is needed to give better confirmation of a bullish breakout.
The post-breakout could assist buyers to chase potential targets of $134, and $153, followed by $196.
On a contrary note, if the LTC price reverts and closes below the upper trendline, the chart pattern will remain intact and so will the sideways trend. The overhead supply pressure may trigger another bearish reversal within the triangle pattern.
Technical Indicator:
- Exponential Moving Average: A bullish crossover between the 100-and-200-day EMA bolsters the bullish momentum in LTC price.
- Average Directional Index: An uptick in ADX slope near the 20% mark reflects the buyers have sufficient strength to prolong the current recovery.
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