Litecoin (LTC) May Confirm Bullish Reversal With Breakout Above Resistance

Litecoin (LTC) has held up well during the ongoing Bitcoin (BTC) price decrease but has yet to break out from a crucial horizontal resistance area. The post Litecoin (LTC) May Confirm Bullish Reversal With Breakout Above Resistance appeared first on BeInCrypto.

Timeline of Litecoin

A rising parallel channel pattern governs the ongoing recovery in LTC/USDT pair. The recent bull cycle within this pattern was initiated when the coin price rebounded from the shared support of $52.7 and ascending trendline.

Litecoin price analysis reveals that the coin is in a bullish trend and has made significant gains in the last 24 hours. The coin is currently trading at $62.69 and is facing rejection at $62.87, a break above this level can result in prices testing the $63.00 level.

Litecoin (LTC) has been showing an excellent fightback from the start of this month. In the last two weeks, there has been a fresh decline in Bitcoin, Ethereum, and Litecoin. LTC ended August on a bearish note below the $55 price level. However, it recovered from its prices and broke the $60 mark this month.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Litecoin's [LTC] recent rebound from the $52-baseline has well-positioned the coin to test the resistance barrier in the $62-$64 range. The rebound spurred near-term buying hopes.

Litecoin (LTC) is performing at its peak levels as seen in the past five days. LTC exhibits the formation of a rising parallel channel pattern LTC price is down by 0.69% as of this writing LTC price on a 5-day straight rally registered a growth of 21.4% LTC is having a bull run as validated by the formation of a rising parallel channel pattern touching the key resistance seen at $66.

Litecoin price analysis for today shows a strong bullish trend set that has seen LTS/USD prices trading at $63.16, an increase of 3.18 percent from its previous prices. The market had been trading in a sideways channel for the past few days, but yesterday's close above $61.

A bull cycle within a rising parallel channel pattern strikes the monthly resistance of $65. This horizontal level has limited the bullish growth for the past three months, indicating a high possibility of price reversal.

Litecoin price analysis indicates that the cryptocurrency has found support at $56.54 and currently trading at the $60.43 mark. The market is expecting a breakout from the ascending triangle pattern formation.

Litecoin [LTC] experienced some selling pressure at the start of the week as the bears took over market dominance. The resulting downside has subsequently pushed LTC towards its August support level, thus entering an uncertainty zone.

Litecoin price analysis for today shows that the coin is on a bullish trend after it surged to $57.24. The Litecoin price had been on a downtrend before it found support and started rallying upwards.