Litecoin price analysis: Laggard of the day; longer term triangle formation taking shape

Litecoin lags the bounce among major cryptos.
Bullish triangle formation taking shape.

Manoj B Rawal Independent Analyst

Litecoin is trading weakest among the major cryptocurrencies on the Saturday trading while others try to bounce back from the lows in a rising volatility in the cryptocurrencies market.

LTC/USD is at $161.37, down more than 2 percent for the day and more than 14 percent for the week. Immediate resistance for the crypto now stands around $160 level and $158 level while resistance is placed at $165 and $171 levels.

Long term triangle formation, which this author talked about last week, seems to be taking shape as the ranges in which the price is fluctuating keeps narrowing over time - the very basic criteria for triangle breakouts to take place.

On the 15-minute intra day chart higher highs, higher lows are visible, indicating some more bounce to continue before any further weakness, which could accentuate on the break of $158-160 levels.

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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