Litecoin price analysis for today indicates that the crypto pair has found support at $65.56 and currently trading at $70.29. The market is expecting a breakout from the ascending triangle pattern formation. Litecoin has been on an uptrend over the past few days as it surged from $60 to $70. The coin reached a high of $74 before correction set in. Litecoin lost the $70 support and found another support level at $65. The bulls have since taken control of the market as Litecoin is currently testing the $75 resistance.
Litecoin has been trading in the range of $65 to $70 as the prices surge by 6.82 percent over the last 24 hours. The market capitalization of Litecoin is $4,937,387,875 and the trading volume is recorded at $740,090,72.LTC/USD is currently at position 19 in the larger market. The prices are likely to consolidate below the $70 level before a breakout to the upside.
Litecoin price analysis in the 24-hour price chart: LTC prices set to break higher
Litecoin price analysis reveals that LTC prices have been in an uptrend in the last 24 hours as seen in the 1-day price chart. The market opened at $65.56 and the prices surged to highs of $70.35 before a slight correction set in. Litecoin lost the $70 support but found another support level at $65. The bulls have taken control as LTC is currently testing the $70 resistance. A breakout from this level could see the prices surge to $75.
The RSI indicator is currently at the 60 level which indicates that the market is in the bullish momentum zone. The MACD indicator shows that the digital asset is in a bullish trend as the signal line crosses above the red signal line. The Bollinger band indicator shows increasing market volatility as the bands are bulging outwards. This indicates the market has some room to gain more upward momentum.
LTC/USD 4-hour price chart: Ascending triangle pattern formation
Ascending triangle patterns are generally bullish formations that occur during an uptrend. The ascending triangle is a continuation pattern and it is formed by the consolidation of prices between two converging trendlines. In the case of Litecoin, the upper trendline is resistant while the lower trendline is supported. A breakout from this pattern is generally bullish and it could see Litecoin prices surge to $75.
On the 4-hour chart, we can see that Litecoin has been trading in a consolidation phase over the past few days as it tests the $70 resistance. A breakout from this level could see the prices surge to $75. The RSI indicator is currently at the 60 level which indicates that there is room for more upward momentum. The MACD indicator shows that the digital asset is in a bullish trend as the signal line crosses above the red signal line. The Bollinger band indicator shows that market volatility is on the rise as the bands expand.
Litecoin price analysis conclusion
Litecoin price analysis for today is bullish as LTC looks to break out from the ascending triangle pattern formation. A breakout from this level could see Litecoin surge to highs of $75 in the near term. The bulls will need to push prices above the $70 resistance for this to happen.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-17/