Litecoin Positive Breakout Arriving To Critical Resistance Point With Strong Positive Hopes

  • Litecoin positive momentum is now close to the critical resistance area ranging from $75.00 to $80.00 with the help of weekly gain reaching around 27.00%
  • However, the LTC/BTC pair turns negative, facing a loss of -2.61%, bringing the current level down to 0.00416025 BTC 
Source: Tradingveiw

Litecoin’s price levels have now given a positive breakout from the symmetrical triangular pattern in the form of breaking above the crucial mark of $60.00, breaking the strong consolidation. The major support point of $50.00 also provided a slight push in the bullish run. The CMP is now placed at $73.65, having an overall gain of 3.36% over the day. 

Source: Tradingveiw

The price levels have broken above its first target of $72.00, providing a positive breakout from the current bullish rally within the ascending triangle area. If the crypto asset sustains the bullish move for a longer duration, the price levels can be heading towards the next target and resistance area of $102.00

Source: Tradingveiw
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The moving average convergence & divergence (MACD) levels gave a bullish crossover amid the positive breakout providing support to the positive move. 

The stochastic RSI (Stoch RSI) also showcases strength as the positive sentiment towards the coin increases significantly with K% stands at 77.72 while D% stands below 65.08. 

Source: Tradingveiw

On the moving averages of Litecoin, EMA-20 has managed to give a positive crossover against EMA-50 and EMA-100, reflecting the strong bullish sentiment prevailing in the crypto asset from the past few trading sessions. It can also be acting as a new support line for the current price levels, which can provide sustainability. 

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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