Buyers Breaks Two Years Accumulation to Chase $150

Litecoin Price Prediction: The cryptocurrency market is wavering in uncertainty this week as it resonates around the $70000 mark. While a majority of major assets project the same behaviors, the Litecoin price emerged as one of the few that outperformed the broader mark. The LTC price in the daily chart shows a V-shaped recovery and teases a breakout from a long-coming triangle pattern.

Also Read: Crypto Prices Today March 29: Bitcoin Exceeds $70K, Ethereum Nears $3600, SOL, PEPE, WIF Rally

Litecoin Aims for $134 and Beyond After Escaping Accumulation Zone

Defying the current market correction, the Litecoin price rebounded from $77 support in the fourth week of March. The positive turnaround recovered the losses from the last correction and propelled the coin price 38.25% to reach the current trading price of $106.

Litecoin, with a market capitalization of $7.89 billion, ranks among the top 20 largest cryptocurrencies according to CoinMarketCap.

An analysis of the daily chart shows this rising price breaks above the higher trendline of the triangle pattern. The chart pattern led a sideways trend for the past two years, with price resonating within two converging trendlines.

This breakout signals the buyers escaping a long-term accumulation trend and stepping into a fresh recovery sentiment. However, a daily candle closing above the resistance trend is needed to give better confirmation of a bullish breakout.

The post-breakout could assist buyers to chase potential targets of $134, and $153, followed by $196.

On a contrary note, if the LTC price reverts and closes below the upper trendline, the chart pattern will remain intact and so will the sideways trend. The overhead supply pressure may trigger another bearish reversal within the triangle pattern.

Technical Indicator:

• Exponential Moving Average: A bullish crossover between the 100-and-200-day EMA bolsters the bullish momentum in LTC price.
• Average Directional Index: An uptick in ADX slope near the 20% mark reflects the buyers have sufficient strength to prolong the current recovery.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.