- LTC token price bottles up under a symmetrical triangle pattern and is now close to a breakout.
- The coin price trades under the 50 EMA after the recent death cross in the 4-hour time frame.
- The LTC/BTC pair is trading at 0.004851 BTC, an intraday gain of 4.50%.
LTC token price struggles below the 4-hour 50 EMA, but the buying volumes are above average for the past 24 hours. However, the coin price failed to increase from the increase of buying pressure and lost to overcome the opposition of 50 EMA. The failure of volume showcases the underlying bearishness in the price.
The coin price coils up inside the symmetrical triangle, and one can expect the breakout of the structure soon. Presently, the coin trades at $181.75 with an intraday gain of 3.40% in market capitalization. The intraday trading volume of the token decreased by 12.75%. However, the coin ranks at number 14 in the crypto-verse as per the market capitalization.
Symmetrical Triangle Turns Into a Bearish Pennant for LTC Token
In the 4-hour timeframe, the LTC token seems to trade under a symmetrical triangle. However, the triangle pattern followed the sharp sell-off in the bigger daily picture, resulting in the bearish pennant structure. Investors should hold on to their chips as the bearish pennant indicates a continuation of the fall.
The coin price could give a bullish breakout, but the low chances and the bearish technicals indicate otherwise. The coin price may find support at $130 and $100 below the structure. In case of a bullish breakthrough, the coin price may encounter resistance from $225 and $275.
As per the daily timeframe, the coin price is trading just below 200 (white). The 50 EMA is sloping down as the coin accumulates inside the triangle. Hence, the possibility of a death cross increases in the technical chart.
The RSI (slightly bearish) indicates bearish momentum while trading at 42. The RSI line dipped and started to head into the oversold zone.
The ADX reflects a static trend momentum as the price rests near 200 EMA.
Conclusion – LTC token price might soon give a fallout of the pattern indicated by the technical parameters. Investors should be careful as the symmetrical is of a bearish pennant structure which implies a future downfall.
Support- $130 and $100
Resistance-$225 and $275
