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Highlights
- A bullish breakout from the triangle pattern will trigger a directional trend in the Litecoin price.
- The rising price may face notable supply pressure at $115 and $134.
- The 24-hour trading volume in the Litecoin coin is $1.29 Million, marking a 49% loss.
Litecoin Price: The cryptocurrency market extended its recovery with the new week as Bitcoin price hit the $72000 mark for the first time. The bullish momentum spread to the altcoin market and uplifted several digital assets to new heights including Litecoin. With an intraday gain of 20%, the LTC price surpassed the $100 mark challenging the resistance trendline of a 2-year sideways trend. Will buyers break free?
Also Read: Donald Trump Backs Bitcoin, Touts BTC’s Traditional Currency Potential
Market Recovery Fuels Litecoin Price Rally Beyond Symmetrical Triangle
Litecoin (LTC) is a peer-to-peer cryptocurrency that was created by Charlie Lee in 2011 as a fork of Bitcoin. It aims to provide faster transaction confirmation times and a more efficient mining process. Litecoin is often considered the silver to Bitcoin’s gold, emphasizing its role as a practical medium of exchange for everyday transactions.
The current recovery trend in Litecoin was initiated when the price bounced back from the combined support of $63 and the lower trendline of the symmetrical triangle pattern. Under the influence of this pattern, the asset resonates within two converging trendlines, until either one breaks to signal the next directional move.
Thus, under the influence of this pattern and broader market recovery, the Litecoin price surged 66% within seven weeks to the current trade at $105. This bull cycle is currently challenging the resistance trendline of the triangle pattern, signaling an opportunity to spark a new recovery trend.
Also Read: BlackRock’s Bitcoin Holding Surpasses MicroStrategy Amid $2 Bln Net Inflows This Week
Litecoin’s Breakout Fueled by $2.17 Million in Liquidations
A look at the daily time frame chart shows a long bullish candle of 20% growth piercing the overhead trendline. As per the derivative market data provider Coinglass, Litecoin’s short position trader witnessed a $2.17 Million in liquidation.
Thus, a successful breakout will signal the conclusion of 2 years of sideways action and provide buyers with suitable support to bolster sustainable recovery. As per the theoretical target, the post-breakout rally should chase $200.
However, a possible reversal from the resistance trendline will prolong the current sideways trend in Litecoin.
- 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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