Litecoin [LTC] is one of the coins which was hit the hardest by the cryptocurrency massacre that has been occurring over the past 10 months, with the coin recently testing its lowest resistance level at $50. The coin seems to be looking for a comeback, however, as seen by the technical indicators.
1 hour:
The 1-hour graph shows that there are downtrends at $57.5 – $55.3 – $53. This continues in the form of price movement from $52.6 – $51.7. There is an uptrend from $51.56 – $51.66.
The support levels are present at $51.2 and $50.5, with resistances present at $53, $55.3.
The RSI is moving towards the overbought zone, which is generally considered to be a bullish sign.
The Relative Vigor Index is demonstrating a bearish crossover downwards.
The Parabolic SAR is bearish as dots are above the candlesticks.
1 day:
The downtrend prevalent since May is presented in the price movement from $177 – $52, forming a descending triangle with the $50 resistance. This could cause an imminent bullish breakout.
Resistance levels are present at $57.4, $63.1, and $68.3.
The KVO is unclear, as hit the line and bounced off with a slight upwards movement.
The MACD is set to converge, as seen by the histogram moving towards zero. If it does, it will exhibit a bullish crossover.
Conclusion:
The price of LTC seems to be headed for a bullish breakout, as evidenced by the completion of the descending triangle pattern. The indicators are in consensus for the long term, with resistance levels that can be tested at $57.4, $63.1, and $68.3.
The post Litecoin [LTC/USD] Technical Analysis: Long-term pattern completion could signify bullish run appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Litecoin [LTC/USD] Technical Analysis: Long-term pattern completion could signify bullish run
