Litecoin price analysis: LTC/USD price action narrowing within a potential bullish pennant, a breakout higher is eyed
|- Bullish pennant pattern eyed on the 4-hour chart, pending possible breakout higher.
- Resistance is tracking around $190, in proximity to 50 DMA, support seen at $160.
The Litecoin price is nursing small losses during the later stages of Tuesday’s session, after initially starting the day on the back foot. Support was quickly tested at the start of Tuesday, $160 saw the price caught by a trend line, part of a bullish pennant formation.
Litecoin has continued to come under pressure since running into strong resistance at $250, back on the 20th February, where a gravestone doji candlestick can be seen on the 4-hour time frame. As the price has drifted lower, it has respected the descending trend line.
Technically, given the consolidation within the above-mentioned chart pattern that can be seen, a breakout to the upside. could be nearby for LTC/USD. Resistance is tracking around $190 with the upper trend line, in proximity see the 50 DMA. Support is holding around $160, as proven earlier in the session.
LTC/USD 4-hour chart
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