LTC Consolidation May End With $60.8 Breakout

HashFlare


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.

Key points

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.

LTC/USDT ChartSource- Tradingview

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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.

Technical indicator

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

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

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