- Litecoin price breaks out from the sideways trading area
- Litecoin started the day with a 9% Increase
- The cryptocurrency is trading at $44 as of when this content was published
Litecoin news today – Litecoin, like every other cryptocurrency, has been struggling against the USD for some days now. Thankfully, it has managed to break above a consolidation movement that it trading in for the last 3 weeks. The value of LTC managed to increase by 9.2% in the last 24 hours of trade as the digital currency managed to reach the $44.60 area. This price increase for LTC saw the asset surge to the point that it outpaced Bitcoin’s increase of 6%. This bullish move has ensured that Litecoin breaks above the ascending triangle formation that it has been stuck in during the recent sessions. Let’s see how Litecoin performed below.
Litecoin Price Analysis – Litecoin LTC Turned Bullish After Breaking Above the Ascending Triangle
As stated above the price of Litecoin is now bullish. It turned bullish after above the ascending triangle. This break above the ascending triangle allowed Litecoin’s bullish action to stay intact as the coin sets its sights to above the $50 mark and toward the much desired $62. When you take a look at the LTC/USD daily chart, you will see that Litecoin’s price is trapped in the ascending triangle pattern. The coin is bound by resistance at the $42 area for the last 3-weeks of trade. The crypto broke out at the beginning of trade today as it nearly reached the top of the triangle point. The coin has now surged much higher to reach its current trading position of $44.62.
Litecoin Price Prediction – Litecoin’s Short Term Outlook is Bullish
The breakout of the ascending triangle has caused Litecoin to become positively bullish for the short term outlook. The coin will still need to move a bit higher and break another resistance point at $62 to turn bullish through an extended period. However, LTC’s recent push above 50 on the RSI makes an optimistic outlook for the coin. If the Litecoin bulls manage to move higher above the $44.62 mark and break the $45 area, we can expect the initial resistance area to be located at the $47.70 point which is given by a bearish point at the .382 Fib Retracement level. The Fib is measured from February’s high to the lows seen in March. The resistance mentioned above stands at $50, $52 and the 1.414 Fib extension position. It also includes the $54.70, .5 Fib retracement area and the $56 area. This is followed by another resistance at the $61.70 and .618 Fib Retracement level. The downside, support for LTC/USD lies at the $42, $40, $39, $36, and the $32 areas respectively.
