• LTC token price reaches close to the breakout of the triangle as the volume surges.
  • The token price is trading below all the critical EMA, with 50 and 100 EMA generating a bearish crossover.
  • The LTC/ETH pair is trading at 0.06809 ETH, an intraday gain of 1.60%.

LTC token price struggles below the daily 200 EMA, but the volumes are below average for the past few weeks in the daily chart. However, the coin price manages to resonate within the triangle of the pennant. The coin price coils up inside the triangle, and one can expect the breakout of the structure soon. 

Presently, the LTC/USD trades at $161.45 with an intraday gain of 1.26% in the market cap. The intraday trading volume of the token decreased by 23.06%. However, the coin ranks at number 11 by rising three steps in the crypto-verse as per the market cap.

LTC Token Trades Below Significant EMAs And Bottles Up Within Triangle

LTC token seems to trade under a symmetrical triangle as per the 4-hour technical chart. The price has been consolidated inside the triangle for more than a month, suggesting a big move upon breakout.  

The possibility of a bullish breakout is low due to the bearish technical indications. The coin price may find support at $130 and $70 below the structure. In the unlikely case of a bullish breakout, the coin price may get opposed from the resistance levels of $245 and $320.

As per the 4-hour technical chart, the coin price is trading just below 200 (white). The overall alignment of all the other significant EMAs is bearish, indicating a further downtrend in the LTC chart.

The RSI (bearish) indicates bearish momentum as the RSI line dipped and heads toward the oversold zone. 

The ADX reflects a static trend momentum as the price consolidates within the pattern.

Conclusion – As per the price action, and the technical indicators suggest a downfall soon. Investors might perceive this as an exit signal, and no suggestions for long side entry till then.

Support- $130 and $70

Resistance-$245 and $320

(Excerpt) Read more Here | 2021-06-13 07:15:00
Image credit: source

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