In the past two weeks, the LTC buyers made a 27% recovery from the recent low of $97. The price has recently breached a near resistance of $120, indicating the buyers are preparing for a comeback. If buyers managed to sustain the breakout level, the LTC price would surge to the $140 mark.
Key technical element to ponder
- The LTC Price shows a daily-evening star candle pattern at $4 resistance
- The intraday trading volume in the Litecoin coin is $652 Million, indicating a 29.63% loss.
LTC Price Chart Forms Bullish Breakout From Inverted Flag Pattern
Source- Tradingview
Along with the $120 breakout, the LTC bulls also poked through the inverted flag pattern. The coin price is currently retesting the broken resistance to check for sufficient demand pressure. If buyers could defend this flipped support, the coin price is likely to rally 17% to the immediate resistance of $141.
On a contrary note, if sellers slide the coin below the $120 mark, the alt price would reenter the rising channel, threatening the crypto traders for a downtrend continuation.
As mentioned in our recent coverage of the Litecoin (LTC) price analysis, LTC price was hovering above a strong area of demand($105.6). However, with the rising RSI slope, Coingape foretold about the bullish breakout from the $120 resistance.
Source- Tradingview
On January 4th, the LTC buyers rebounded from the $105.6 support with a morning star candle pattern, and on that very day, breached the overhead resistance of $120. This breakout provides the early sign for possible bullish reversal in LTC
The daily Stochastic RSI indicator slope rising higher accentuates the rising bullish momentum in the coin.
The recent recovery has reclaimed the 20-day MA support. However, the overall trend for LTC price remains bearish as the LTC price is trading below the 50, 100, and 200 MA.
- Resistance level- $4-4.2 and $5.6
- Support levels- $3.6, $3
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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