Why Litecoin Looks Ready To Break Out In The Coming Days

Litecoin (CRYPTO: LTC) is trading higher Thursday in a crypto market that’s a mixed bag of tickers trading up and down.

Litecoin is one of the few that is trading higher. The coin looks like it is nearing a possible attempt at a breakout.

Litecoin was up 3.57% at $186.83 at last check.

Litecoin Daily Chart Analysis

  • Litecoin looks to be forming what technical traders call an ascending triangle pattern. Resistance and support are pinching the price of Litecoin and there’s not much place for it to go within the pattern.
  • The $200 level has been an area Litecoin struggles to cross above; this price level may continue to hold as resistance in the future. The higher low trendline has been an area where the price has been able to find support and stay above, and it may continue to hold in the future.
  • The crypto trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the crypto is likely in a period of consolidation.
  • The crypto may find support near the 50-day moving average, while the 200-day moving average could hold as resistance.
  • The Relative Strength Index (RSI) has been moving higher the last few days. The RSI sits at 59 now, showing there is more buying pressure than selling pressure.

What’s Next For Litecoin?

Bullish traders are looking to see Litecoin break above resistance and move higher. If Litecoin can see a breakout above resistance, bulls would then like to see the stock hold this resistance level as an area of support before pushing higher.

Bearish traders would like to see Litecoin break below the higher low trendline and start to fall lower. A change in trend could occur if the crypto was able to break below the higher low trendline and begin to hold it as resistance.

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(Excerpt) Read more Here | 2021-09-02 14:01:00
Image credit: source

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