Published 24 mins ago
The ongoing consolidation in Litecoin(LTC) chart reflects a cup and handle pattern. Furthermore, the coin price is currently forming the handle portion of the pattern and leads the recovery rally to $60.88 neckline resistance. A bullish breakout from this barrier should carry a directional rally.
The LTC price has surged 8% in the past five days
The possible reversal from the $60.8 resistance may continue the range rally
The intraday trading volume in the Litecoin coin is $621.7 Million, indicating a 50% gain.
A V-shaped recovery during June’s second week surged the LTC/USDT pair 46% higher to $60.8. However, the profit booking from short-term traders triggered a minor pullback of 18.6% and plunged the price to a $50 psychological level.
Furthermore, the replenished bullish momentum at this support surged the LTC price to its current level at $53.76.
The technical chart shows the formation of a cup and handle pattern in the daily time frame chart.
This bullish reversal pattern should guide the price action 14.2% high to the neckline resistance of $60.8. Furthermore, an upside breakout from this resistance would provide another footstep for traders to continue the rally.
If the buyers show sustainability above the $60.8 mark, the technical set-up indicates that the coin price could rise 20.6% to $73.5.
On a contrary note, if the sellers undermine the rising bullish momentum and revert the LTC price lower, the traders may witness a range-bound rally.
Supertrend: the supertrend indicator reflects an overall trend in daily time frame chart
ADX indicator: The ADX slope shows an unwavering downfall projecting the losing bearish momentum. Thus, the buyers can take this advantage and breach the above resistance.
Vortex indicator: A couple of crossover between the VI+ and VI- slopes accentuates the ongoing consolidation in LTC price. However, the current bullish alignment suggests the buyers have the upper hand.
Resistance level- $60.8 and $73.44
Support levels- $50, and $41.68
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.