Litecoin Price Analysis: LTC Coin Starts A Fresh Rally After The Breakout From Descending Triangle Pattern

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  • LTC coin chart shows a bearish crossover of 100 and 200-day EMA
  • The LTC/BTC pair was trading at 0.003 BTC with a loss of 2.59%
  • The 24 hr trading volume in LTC coins is $1.73 billion

The LTC coin price passed the retest phase after the breakout of its descending triangle, resulting in a strong green candle today with a 7.83% gain. Moreover, the price has also given another breakout from the resistance level of $131.2, providing a great long opportunity for traders to add LTC coin to their portfolio.

According to the EMA lines, the LTC coin is still in a bearish trend as the price is trading below the critical EMA 50,100 and 200, and each of these will provide excellent resistance to the price. Moreover, the chart also shows that 100 and 200 EMA have given a bearish crossover, luring more sellers into the coin market.

The RSI (BULLISH) value is 56, indicating a bullish sentiment in the coin. Moreover, the RSI also showed a bullish breakout of its resistance trendline, indicating that token bulls are growing in strength.

LTC Coin Rising With A New Ascending Trendline

LTC coin price shows the formation of a new ascending trendline leading the new bullish rally. This support trendline seems quite reliable as the price has already tested it thrice and can provide good entry points for LTC traders to ride this brand new bullish rally.

The MACD indicator (BULLISH) shows that both MACD and signal are moving higher than the neutral zone, indicating strong bullish momentum. In addition, the MACD line has taken support from the signal line and has started rising again. Also, the histogram validates the bullish phase with rising greens bars.

Conclusion: From the technical perspective, both the price action and indicators show a great bullish outlook, and traders can use these opportunities to look for long traders in LTC coin. Thus, as mentioned above, the traders can grab strong long trades in LTC coin until the new ascending trendline is intact.

Support– $131

Resistance– $150

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