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Breaking: Litecoin price set to print a very classical bullish pattern

Breaking: Litecoin price set to print a very classical bullish pattern
FXStreet TeamFXStreet TeamFXStreet

Litecoin price shows ambition in reaction to the Fed’s interest rate decision. A bullish engulfing candlestick is one hour away from settling as the New York Session comes to end. The bullish engulfing candle will establish a more important morning star pattern on the daily chart. 

Litecoin price currently trades at $58.75. There is a slight uptick in transactions according to the Volume Profile Indicator. Additonaly the bulls have hurdled both the 8- and 21-day simple moving averages. If the technicals are correct a rally towards $70 could be underway. A breach above the $62 congestion zone could be the catalyst maker of the prospective move. 

tm/ltc/7/22/22

LTC/USD Daily Chart

In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of inerest in the market. -FXStreet Team

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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