- LTC coin price has been on the rise for the past two weeks; it recently rose to a key supply zone.
- The LTC coin price broke the supply zone forming a symmetrical triangle pattern on a daily time frame.
- The pair of LTC/BTC is trading at the price of $0.002880 with a decrease of -1.52% in the past 24 hours.
Litecoin price is trading in long-term consolidation as it moves up from the demand zone. It has formed a continuation pattern on a daily time scale indicating a possible change in the price structure to the bullish trajectory. Currently, the CRP coin price is transacting at the price level of $80.91
LTC Coin is Stuck in a Range
The LTC coin price, as per the price action, is forming a symmetrical triangle chart pattern. The coin price is forming the lower-low formation from the supply zone and higher-high formation further from the demand zone. At present, the coin is trading in a narrow range and therefore breakout on either side will trigger big moves.
The coin price can reach the $100.45 long-term supply zone if it breaks out of the symmetrical triangle pattern. On a higher time frame, the coin price has fell heavily and is making a lower-low formation. To deny the continuation of the bearish trend on a higher time frame, the coin price needs to break out of the symmetrical triangle pattern on the upside. LTC coin price is trading in the middle of the Bollinger band indicator after bouncing off the demand zone.
LTC coin price is trading below all the important moving averages. The 50- and 100-day moving averages can act as a strong supply zone in the future as the coin price tries to move up. Although the coin price broke out of the 14 SMA, a breakout of symmetrical triangles is needed for a further up-move. Volumes have been on the rise as the coin rivers around the supply zone.
LTC Coin Price Forms a Symmetrical Triangle Pattern
As the coin rose to the supply zone, the MACD indicator showed a positive crossover. On the upside, the blue line crossed the orange line. As a result, LTC coin price reached the supply zone. LTC coin price recently fell after rising at the small resistance level, and the MACD indicator reflected this move. When the coin price begins to rise after breaking the supply zone, the gap between the blue and orange lines will widen, supporting the trend.
LTC coin price fell in the demand zone with a strong bearish candlestick pattern. The coin broke out of the super trend buy line which triggered the sell signal. As of now, the LTC coin is trading below the super trend sell signal line. Going forward, this line could act as a strong resistance zone.
Conclusion: LTC coin price is forming a strong bullish price pattern. Despite negative global cues, the coin price is showing strength. The coin price has managed to sustain above the demand zone as technical indicators turn bullish. It remains to be seen if the coin price will break the supply zone or fail to do so and fall.
Support: $76 and $74
Resistance: $84 and $90
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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