- Litecoin saw a small 2% price increase as it trades at $40.
- The cryptocurrency has been trading within an ascending triangle over the past 2-weeks.
Litecoin saw a small 2% price increase over the past 24 hours as it reaches the upper boundary of an ascending triangle that it has been trading within over the past 2-weeks. The cryptocurrency must break this consolidation pattern to dictate the next direction of travel for Litecoin.
It had found support at $30 during the March market capitulation which allowed the coin to rebound and start to slowly grind higher. However, the bulls are still not in charge of the market momentum just yet which could suggest we may see Litecoin headed lower.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see the ascending triangle that is outlined. The cryptocurrency found support at $30 as it slowly started to grind higher over the past 2-weeks of trading.
It now faces strong resistance at around $41 which is provided by the upper boundary of the triangle. It has failed to break this resistance over the past 4-days but is still remaining supported at $39.
Short term prediction: NEUTRAL
As we are trading within a consolidation pattern we can consider that Litecoin is neutral at this moment in time. A break beneath the lower boundary of the triangle would turn it bearish again. However, to turn bullish, Litecoin would still have to rise much higher and break above the resistance at $52.
Once the upper boundary is broken, the first level of resistance lies at $44. Above this, resistance lies at $47.70 (bearish .382 Fib Retracement), $49.33 (1.272 Fib Extension), and $50. Above $50, added resistance lies at $52 (1.414 Fib Extension) and $54.70 (bearish .5 Fib Retracement).
Toward the downside, the first level of support lies at $39. This is followed by support at the lower boundary of the triangle. Beneath this, support lies at $36, $32, and $30.
Key Levels
Support:$39, $36, $35, $32, $30, $28, $25.
Resistance: $41, $44, $47.70, $49.33, $50, $52, $54.70, $56.
Summary
Article Name
Litecoin Price Analysis: Can LTC Break Current Ascending Triangle And Head Toward $50?
Description
Litecoin saw a small 2% price increase as it trades at $40.
The cryptocurrency has been trading within an ascending triangle over the past 2-weeks.
Author
John Isige
Publisher Name
Coin Gape
Publisher Logo
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
