Litecoin price analysis: LTC/USD holding gains of 2%, but larger breakout is pending
- LTC/USD seen up 2% on Monday, looking to build on marginal gains of last week.
- Bullish pennant formation on 4-hour chart pending potential breakout higher.
The Litecoin price is seen up around 2% on Monday, looking to build on the marginal gains seen last week. A crypto market wide bullish tone is seen, after a period of consolidation. Since the 20th February, the price has been very much stubborn and remaining in a tight range. Despite the lack of large movement seen of late, the price is still grinding higher.
LTC/USD is moving within a bullish pennant pattern, observed on the 4-hour chart. There was much bullish momentum seen during the middle of February, on high anticipation of the Litepay solution. It is normal to see the market consolidate after such chunky moves, in a short space of time.
Looking technically, LTC/USD is firmly being supported in its grind higher, the underlying trend line of the pennant is currently tracking around $205. The upper resistance is observed at $225, a firm break here will open doors potentially for $300 to be reclaimed.
LTC/USD 4-hour chart
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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.
