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.
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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.
