Litecoin Price Analysis: LTC/USD has the potential to breakout higher

Litecoin price late on Friday is trading with decent gains of some 2%.
LTC/USD price action has constructed a bullish flag pattern, subject to a breakout.

Ken Chigbo Independent Analyst

Litecoin price is seen holding decent gains of some 2.15% in the latter part of the day on Friday. Price action is moving within a bullish flag pattern formation, subject to a possible extended move to the north.

LTC/USD price action as noted above has constructed a bullish flag pattern formation. This begun to take shape after the strong surge north on 8th February, one that was seen across the cryptocurrency market.

Should the bulls manage to capitalize on the bullish flag structure, then another wave of buying pressure will likely be seen. The next upside target is eyed at the psychological $50 price territory. LTC/USD hasn’t been up at these heights since 14th November 2018. Support can be observed tracking at $40 mark, the lower trend line that makes up the detailed flag.

LTC.USD 4-hour chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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