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Litecoin Price Analysis: LTC Breaks Out From Sideways Trading With 9% Increase


  • Litecoin surged by a strong 9.2% over the past 24 hours as the cryptocurrency trades at $44.
  • Litecoin has now broken above a consolidation pattern that it was trading within for the past 3 weeks.

Litecoin increased by a total of 9.2% over the last 24 hours of trading as the cryptocurrency reaches $44.60. This price surge totally outpaced the increase of 6% seen in Bitcoin and has allowed Litecoin to break above an ascending triangle pattern that it has been stuck within.

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This break above the triangle has allowed Litecoin to turn bullish as it sets its sights to head above the $50 level and toward $62.

Litecoin Price Analysis

LTC/USD – Daily CHART – SHORT TERM

LTC/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see Litecoin being trapped within the ascending triangle pattern as it was bound by resistance at $42 for the past 3-weeks of trading.

The cryptocurrency broke out today as it almost reached the apex of the triangle. It has now surged further higher to reach the current trading level at $44.62.

Short term prediction: Bullish

The breakout of the triangle has now caused Litecoin to turn positively bullish in the short term. It will still need to rise higher and break resistance at $62 (March highs) to turn bullish over a longer period, however, the recent push above the 50 level on the RSI creates a very optimistic outlook for Litecoin.

If the bulls manage to continue higher above $44.62 and break $45, we can expect the first level of resistance to be located at $47.70 which is provided by a bearish .382 Fib Retracement level – measured from the February 2020 high to the March 2020 low.

Above this, resistance lies at $50, $52 (1.414 Fib extension), $54.70 (bearish .5 Fib Retracement), and $56. This is then followed by resistance at $61.70 (bearish .618 Fib Retracement).

Toward the downside, support lies at $42, $40, $39, $36, and $32.

Key Levels

Support:$42, $40, $39, $36, $35, $32, $30, $28, $25.

Resistance: $47.70, $49.33, $50, $52, $54.70, $56.



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