A price consolidation for Litecoin at $35 is forming at the lower high pattern and higher low patterns as well are forming at $50 so let’s see what is litecoin doing to reach the new price level in the Litecoin price news.
The Litecoin price has been getting closer to the $35 range since the price crash that happened to most of the coins last week. The support was initially established at $25 and the recovery ensured a price level at $30 which failed to break the $40 resistance later. The lower high and higher low patterns forming over the past seven days, resulted in the formation of a symmetrical triangle pattern as we can see per the charts. In the meantime, the price consolidation phase in the $35 zone suggests that a breakout is in the picture and partnered with the triangle pattern which will likely launch LTC/USD into a $50 level trajectory.
The immediate upside of Litecoin’s price is restricted by the 50 simple moving average on the charts. Breaking above the $40 price level will boost the price further but the buyers should be heavily prepared to deal with the 100 SMA upcoming resistance. From a technical perspective, the Relative Strenght Index upward trend, from the 14.00 to levels above the 50 average shows that the bulls have major control over Litecoin for now. the volume remains low because of the skepticism regarding the Coronavirus pandemic. Most of the buyers don’t want to join the markets as more declines were correlated with the unstoppable virus.
Overall, the price of the asset dropped by 70 percent since February but the price seems to be moving sideways at the time of writing. What is litecoin doing with this price movement is hovering around $31.50 and forming an ascending triangle that will eventually end up in a bullish break. The four-hour charts for Litecoin showed a new formation of an ascending triangle with two bottom touches and the pattern will be eventually completed in about 72 hours leading to a further breakout. There is a mild bullish case forming as well but there are still chances for the price of the altcoin to breach lower if the overall market drops.
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