Litecoin Price Analysis: LTC has consolidated in the mid 40's as we await the next move
- Litecoin trades 3.37% higher as crypto market sentiment remains firm.
- The price has converged into a triangle pattern and we must wait for a break.
LTC/USD 30-minute chart
Litecoin has had a great run and now the price has consolidated somewhat. The price has started to make some lower highs along with some higher lows. This then creates a triangle pattern and the market must now wait for a break for clues to the future direction. There are more support zones to the downside that bulls need to be aware of but the trend is still up.
Looking closer at the technicals, the pair is trading above the 55 and 200 moving averages. Importantly if the price breaks the pattern to the upside the next resistance is at 47.69 the previous wave high. The volume is looking low at the moment but that is to be expected when the price moves toward the apex of the pattern. The highest volume spike was to the downside, the bulls would be happy if the pattern breaks higher with a good pick up in volume.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
