Litecoin Price Consolidates At $35 But A Triangle Breakout To $50 Impends

Fibo Quantum

  • Litecoin price lower high pattern and higher low pattern leads to consolidation at $35.
  • A triangle breakout is nigh and if supported by increased trading volume it could catapult LTC/USD above $50.

Litecoin price has been narrowing towards $35 since the crash that took place last week. Support was established at $25. The recovery that ensued stepped above $30 but failed to break the resistance at $40. The lower high and higher low pattern formed in the last seven days has resulted in the formation of a symmetrical triangle pattern.

Advertisement


Meanwhile, consolidation in the zone at $35 suggests that a breakout is in the picture and coupled with the triangle pattern, is likely to launch LTC/USD into a trajectory targeting $50 and $60 levels.

Litecoin price analysis

Litecoin’s immediate upside is limited by the 50 Simple Moving Average (SMA) on the 4-hour chart. A break above $40 will definitely boost the price upwards but the buyers should be prepared to deal with the resistance at the 100 SMA.

From a technical perspective, the Relative Strength Index (RSI) upward trend from 14.00 (last week’s lows) to levels above the average (50) shows that bulls have control over the Litecoin, at least for now. Unfortunately, the volume remains low due to skepticism regarding the Coronavirus pandemic. Most buyers are afraid to join the market as more declines associated with the still unstoppable virus are anticipated across the crypto and traditional markets.

LTC/USD 4-hour chart

LTC/USD price chart
LTC/USD price chart by Tradingview

Litecoin Key Levels

Spot rate: $34.97

Advertisement

Crypto Rocket

Relative change: 0.26

Percentage change: 0.75%

Trend: Bullish

Volatility: Low

Summary

Litecoin Price Consolidates At $35 But A Triangle Breakout To $50 Impends

Article Name

Litecoin Price Consolidates At $35 But A Triangle Breakout To $50 Impends

Description

Litecoin price lower high pattern and higher low pattern leads to consolidation at $35.
A triangle breakout is nigh and if supported by increased trading volume it could catapult LTC/USD above $50.

Author

John Isige

Publisher Name

Coingape

Publisher Logo

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram