A litecoin upside breakout is possible as the price of the asset attempts to breach the $50 mark failed, as per the latest Litecoin price analysis that we are reading about in our LTC news.
Litecoin was being traded at $46 at the time of writing while attempting to breach the $50 mark and still consolidating below the region for the longest time now. With that being said, the silver to Bitcoin’s gold, Litecoin was seemingly approaching the critical resistance point on the charts. Looking at the LTC daily charts we can see that the price revealed candles that were following the ascending triangle pattern which after completing will potentially lead to the bullish breakout on the charts.
By further validating the presence of the bullishness of the coin’s future, we can see the placement of the daily moving averages. The 50 DMA was below the 200 DMA following the death cross. The decreasing gauge between the two and the 200 DMA dropping while the 50 DMA rises, it could essentially be implying a positive reversal in this trend while a potential golden cross is in the offing.
The MACD indicator underwent a bullish crossover after which the signal line dropped below the depicted positive trend of the coin. The Relative Strenght Index was also well above the 50-median line which shows the increasing buying sentiment among the investors in the Litecoin market. If LTC manages to break out above the major trendline resistance, it could even climb all the way to the $58 in the long-term. If the positive trend continues and gains the momentum it needs, it could reach the $70 which is a level not seen since February.
This was supported by the formation of the ascending triangle pattern and also the moving averages and indicators. The re-test is highly unlikely for the coin as it was demonstrated by the ascending triangle pattern. The price candles oscillate between the two trendlines before breaking out to the upside. The Litecoin upside breakout could lead the price to $40.14. the correlation between Bitcoin and Litecoin is still strong and it stood the coefficient of 0.87. If this continues, Bitcoin could rally and prove that it has the needed boost for the coin’s valuation. The long-term chart shows a potential bullish breakout after the period of consolidation in the lower $50 region according to the latest price analysis.
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