Litecoin Marching Towards a Breakout Phase Indicating a Big Move to Come

  • On the technical charts, Litecoin’s price levels are looking for a breakout that can present a big move in the near term. 
  • For the year, the cryptoasset managed to have a 52 week high of $83.69 and on the downside, 52 week low of $25.57. 

Looking at the price behavior of Litecoin from the past couple of years, the crypto asset was unable to show any significant recovery action which could have lifted the levels above the $100.00 mark. Moreover, the levels were facing significant price damage at regular intervals. 

Currently, it is fighting with the resistance level of $50.00 which is preventing the coin from taking a significant positive move. At the starting of the year, LTC price momentum was looking promising to reclaim the crucial mark of $100.00. However, with the overall market conditions and an expected pandemic faced by the global sentiments, the price levels dropped to the level of $30.00.  

Source: Tradingview

As the technical price chart reflects, Litecoin’s price levels have formed an asymmetric triangular pattern for this year and the current levels are residing on its support level which can favor a positive breakout. We can also observe that the price levels had two major positive attempts to reclaim pre-bullish levels above $100.00. 

Source: Tradingview

The significant downtrend this year has forced the price levels of Litecoin to form an asymmetric triangle pattern which is soon expecting a breakout point. However, the current price movement of the coin has not been biased into a particular trend. As of now, the price levels are trading within the pattern and we may expect some move towards the end of the year. 

Source: Tradingview

Now, the two possible scenarios of positive and negative breakouts have equal chances of happening. For a positive breakout, the cryptoasset needs to break above the current major resistance level of $50.00 for making a significant positive candle on the chart. Following the positive trend, later on, the coin will face resistance at $58.00 and $73.00 respectively. 

The scenario for a negative breakout for litecoin can be a break below the current support line under the triangle. Also, the LTC/BTC pair is still on a downtrend when compared on a yearly basis. The pair had a level of 0.007987 BTC at the starting of the year. Currently, it is trading at a significant bearish level of  0.00407161 BTC. A gradual positive rise in the LTC/BTC pair might indicate that we can expect a positive breakout from LTC further ahead in the market. 

Source: Trading view

The moving average convergence and divergence levels show that the digital asset faced a major bearish crossover in the year which can be justified by the price damage faced. The after-effects have been not very volatile as the price levels are stuck between the range of $45.00 to $50.00 from the past month.

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