- Litecoin price holds it firmly together for the first week of September and is set to print a good week.
- LTC price opening next week will be key whether it is above the technical hurdle.
- Once the bulls play this setup right, a bullish breakout could be granted.
Litecoin (LTC) price could be set up for a very bullish ride, while most cryptocurrencies are under the scrutiny of the stronger dollar and the dire economic environment. From a purely technical point of view, Litecoin is trading in a very bullish pattern that is still holding and does not look to break down anytime soon. Expect to see the grind higher with a definite break to the upside near November.
LTC price moves bullish despite the current market conditions
Litecoin price is set to jump another let higher as it is set to reclaim the 55-day Simple Moving Average (SMA) as a false break triggered a bull trap, where the green ascending trend line saved bulls from more downturn and losses. As this week, bulls used that same trend line to bounce off, this time, bears could be in for a surprise. Additionally, with the start of a new month, fresh pivots are set, and the monthly pivot for September is bang on the current 55-day SMA at $0.57.
LTC price thus can reclaim a very important area as long as bulls can trigger an opening above that level on Monday. With the Relative Strength Index (RSI) still subdued, it would be the right time to finally let Litecoin price trade higher to give a little pushback against the bearish strength for almost eight months. From the formation on the chart, it looks like a real breakout of the bullish triangle is foreseen near November.
LTC/USD Weekly chart
Sooner or later, traders in Litecoin could be caught up by reality, and once LTC price becomes correlated with global markets, price action could take a huge step back. Expect price action to be pushed against the ascending trend line near $52. Once price action trades below, a full unwind of the rally will occur, with Litecoin price set to trade near $40.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin price bullish outlook intensifies as DOGE turns 10
Dogecoin price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat. The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.
Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally
The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status. ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly. But not for long.
Arbitrum price veers as hard fork proposal receives 99.84% votes in favor
Arbitrum's price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours. This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.
Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization
Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem. Its foray above the $42,000 psychological level has market watchers enthused.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.