Litecoin Price Analysis: LTC/USD triangle breakout puts $50 in sight
|- Litecoin price remains in the strong hands of the bulls following a reversal from $37.12 to $38.58.
- Litecoin bulls look forward to a spike above $50, riding on symmetrical triangle breakout in the short term.
Litecoin price is just as bullish as the other major cryptocurrencies on Monday. From an opening value of $37.12, LTC/USD has grown by 3.92% to trade at $38.58. The strongly bullish trend hints that buyers are just getting started. Unlike, the weekend session where low trading volume gave the bulls leeway, the prevailing session is supported by increased trading activity across the board.
Looking at the 4-hour chart, Litecoin price is battling the resistance at the 50 SMA. It is apparent that a break above this zone could boost LTC/USD above the hurdle at $40. A step from the symmetrical triangle pattern is likely to catapult Litecoin in a trajectory above $50.
The bullish action is supported by the RSI, after recovering from lows around 40 to levels marginally above 50. As long as the RSI pushes towards 70 (overbought region) there is a possibility $50 will only be stepping stone for the next rally eyeing $80. Meanwhile, initial support is observed at the 100 SMA in the same 4-hour range, $35, $30 and $25 levels.
LTC/USD 4-hour chart
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