Litecoin Price Analysis: The 40.00 psychological level is next

Litecoin trades over 5% higher on Monday after sentiment bounces back.
The price has converged into a triangle pattern and the next target is 40.00.

LTC/USD 1-hour chart

Litecoin has been converging into a large triangle pattern on the hourly chart. The price is looking to head to the top of the pattern at the moment as some buying volume kicks in. Also on the bullish side, the price is above both 200 and 55 moving averages. The key resistance zone is 41.43, if the level breaks it would create a higher high wave. This could confirm the bullishness.

Looking slightly closer at the chart, the main resistance high is at 43.97. This could be the overall target if the triangle pattern breaks. If the pattern fails and the price falls to the downside 37.00 is the next support. Beyond that, 34.50 is the next support zone to keep an eye on. Lastly, the RSI is also showing signs of bullishness as its close to the overbought zone. There is still space to move higher and anything above 50 could be considered a positive thing.

Additional levels

LTC/USD

Overview
Today last price	39.1255
Today Daily Change	1.9991
Today Daily Change %	5.38
Today daily open	37.1264

Trends
Daily SMA20	38.246
Daily SMA50	56.4712
Daily SMA100	54.9983
Daily SMA200	55.3597

Levels
Previous Daily High	39.1718
Previous Daily Low	37.0298
Previous Weekly High	41.3987
Previous Weekly Low	34.5587
Previous Monthly High	84.4232
Previous Monthly Low	56.6073
Daily Fibonacci 38.2%	37.848
Daily Fibonacci 61.8%	38.3535
Daily Pivot Point S1	36.3802
Daily Pivot Point S2	35.6339
Daily Pivot Point S3	34.2381
Daily Pivot Point R1	38.5222
Daily Pivot Point R2	39.9181
Daily Pivot Point R3	40.6643

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