Litecoin Price Analysis: LTC Breaks Out From Sideways Trading With 9% Increase
This break above the triangle has allowed Litecoin to turn bullish as it sets its sights to head above the $50 level and toward $62. Taking a look at the daily chart above, we can clearly see Litecoin being trapped within the ascending triangle pattern as it was bound by resistance at $42 for the past 3-weeks of trading.
It will still need to rise higher and break resistance at $62 (March highs) to turn bullish over a longer period, however, the recent push above the 50 level on the RSI creates a very optimistic outlook for Litecoin. If the bulls manage to continue higher above $44.62 and break $45, we can expect the first level of resistance to be located at $47.70 which is provided by a bearish .382 Fib Retracement level – measured from the February 2020 high to the March 2020 low.
 LTC |
$ 85.84
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