Litecoin price analysis: LTC/USD is flirting within a pennant pattern formation, next move is crucial
- Litecoin holding modest gains of 1.4%, in comparison to some of the decent gains seen for its peers on Friday.
- LTC/USD is flirting with key resistance seen at $130, a break above is crucial for a continuation of recovery.
The Litecoin price is seen up with some modest gains of 1.4%, in comparison to some of the large ground made by its peers across the board. Litecoin is on its way to closing a second consecutive week in the green.
During the extended short-term bull run seen today, the price has made a move to break out of a bearish pennant pattern, but to the upside. A daily and weekly close would be very crucial in its trend. If it fails to close above, then further downside will likely be in store, however on the flipside, if bulls manage to keep it above, then some decent upside may be on the way.
LTC/USD is flirting with a key resistance trend line at $130, which is the upper part to the mentioned bearish pennant pattern. Next upside target should be seen at $145 if the bulls manage to retain control of driver’s seat. The price could easily slip back down to $113, should Litecoin not see a breakout higher.
LTC/USD daily 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.
