Litecoin price analysis: LTC rallies high to $57.24 as bulls mark 6.22 percent gains

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.

Timeline of Litecoin

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Coinglass data showed $364 million worth of liquidations over the past 24 hours.

Litecoin (LTC) broke down from an ascending wedge on Aug 19, effectively confirming that the upward movement was corrective and that new lows will follow. The post Litecoin (LTC) Could Drop 50% if It Loses This Crucial Support Area appeared first on BeInCrypto.

Litecoin price analysis today is bearish as the cryptocurrency has slipped below $60 again. The LTC/USD pair had been following an ascending parallel channel for some time but failed to break out of it and instead dropped sharply.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Litecoin [LTC] has not seen a large amount of volatility in recent weeks, relative to the rest of the altcoin market.

A bullish reversal from the support trendline triggers a new bull cycle within a rising parallel channel pattern. With the past four days' recovery, the LTC price has breached the $58.5 resistance offering a better confirmation for the potential bull run.

Litecoin [LTC], which is often regarded as an underdog, displayed a commendable performance last week as compared to other market players.  Interestingly, Litecoin was featured in the ‘Top 5 Altcoin' list published by the Evening Standard, which definitely adds more value to the blockchain.

Litecoin price analysis reveals that the LTC/USD price is currently in a bullish trend as it rallies to break out at the $59.25 level. However, the cryptocurrency is facing rejection at $59.31 as the bulls seem to be losing momentum.

Litecoin (LTC) has struggled against Tether (USDT) as bulls continue to push the price above the key support region, forming a bullish chart pattern. Bitcoin's (BTC) price has shown less steam compared to recent times; this has affected most crypto assets, including the price of Litecoin (LTC).

Recent Litecoin price analysis shows a bullish trend in the market as the price of Litecoin surged to $55.22. The coin is presently trading at this price after correcting from the intraday high of $56.57.

In this episode of NewsBTC's all-new daily technical analysis videos, we are looking at Litecoin, the LTCBTC and LTCETH trading pairs, and how the cryptocurrency could lead the crypto rally and outperform both Bitcoin and Ethereum. Take a look at the video below.