- Litecoin and other altcoins break away from Bitcoin’s downtrend mess to post a 2.47% gain.
- The falling triangle breakout and the trading above the descending trendline have given the bulls to attack $56 resistance.
Litecoin’s downtrend from last week is not unique as declines have been broad-based. The consolidation above filed to bear positive fruits. Instead, the sixth-largest cryptocurrency made a turn for the worst by diving towards $50. The flash drop hit a low around $50.27 (on Coinbase) before recovery shallowly.
Following the shallow recovery stepping above $52, LTC/USD upside was capped at $56. Any penetrations above $56 have remained largely unsustainable with the price stay within a range $52.00 – $56.00.
LTC/USD 1-hour chart
Interesting, the tug war between the bulls and bears appears to be leaning towards the buyers who currently have pulled the price the descending trendline resistance. Moreover, Litecoin is trading above both the 50 moving average and the 21 exponential moving average. This clearly shows that the mantle is slowing turning in the direction the bulls desire.
Glancing upwards, the current price slightly above $55 continues to hit on the range resistance at $56.00. Correction above the range limit will give a boost to the buyers towards the next hurdle at $60, $68 (supply zone one) and $80 (supply zone two).
The formation of a falling triangle pattern means that the minor breakout could correct higher as long as the buyers increase their positions. Another key bullish indicator is the Elliot Wave Oscillator. The indicator has posted three uninterrupted bullish sessions. Coupled with the increasing volume, Litecoin has enough power to push for gains towards $60 and beyond.
LTC/USD Key Technical Levels
Spot rate: $55.10
Relative change: +1.33
Percentage change: +2.47%
The post Litecoin Price Analysis: LTC Reversing Downtrend, Can The Bulls Break $56 Hurdle? appeared first on Coingape.