- Litecoin price is seen inside a symmetrical triangle pattern.
- Amidst the uptrend, LTC price is trading near the 20-day moving average.
- The Stoch RSI indicator has reached the door of the overbought zone.
Litecoin investors saw a steep decline in late December, while the bulls failed to manage the price above the $200 mark. The year 2022 is unpleasant for the buyers as they are witnessing each increase into the sell-off. Recently the bulls attempted a bounce-back near the 90-day low to protect themselves from overselling.
However, LTC price remained below the downsloping trendline (bottom in the chart). The bulls are still forming a sell zone near the bearish trend line. Besides, the bulls also maintained the altcoin price above the 52-week low of $40.6 with a high-low formation. As a result the price action forms a symmetrical triangle pattern. on a daily value scale.
The range of the triangle pattern is gradually narrowing, which can be broken up or down at any time. Meanwhile, the weekly price candle was seen in the red with a gain of 1.1% while the coin was trading at the $51.7 mark at the time of writing.
Recently the bulls turned aggressive to buy as they reversed the trend of the altcoin near the horizontal support trendline (White). Later, the market cap of LTC crypto exceeded $3.6 billion with a gain of 1.1% in the last 24 hours of data from CMC.
Despite the uptrend, trading volumes seem to be lower compared to the previous bullish rally period. Nevertheless, if the bulls maintain the $50 mark as support, there could be a range breakout. Moreover, the pair price of LTC/BTC is in the green zone at 0.002496 satoshis.
Buyers Seems to be Active as per the Trading Volume
Litecoin investors struggled near the 20-day moving average during the daily price scale amid an uptrend. Bulls above this support level can push the LTC crypto price up to the 50 DMA. Moreover, the Stoch RSI indicator has reached the door of the highly overbought zone.
Conclusion
Litecoin investors face a pullback near the 20-day moving average. Although the traditional indicator Stoch RSI also shows bullishness, the trading volume also looks good. Hence buyers see a bullish breakout of this symmetrical triangle pattern.
Support level – $50 and $40
Resistance level – $60 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/07/16/litecoin-price-analysis-make-and-break-conditions-inside-hidden-price-patterns-in-ltc/