- Litecoin price has just defended a crucial support level at $121.
- The digital asset is trading inside a descending triangle pattern on the 12-hour chart.
- The TD Sequential indicator has presented a buy signal that can help the bulls.
Litecoin has been trading sideways in a consolidation pattern after reaching its 2021 top at $185. LTC bulls are trying to defend a crucial support level and push Litecoin price towards $140.
Litecoin price can quickly rise to $140 with this rebound
On the 12-hour chart, Litecoin established a descending triangle pattern with a support trendline located at $121. It seems that bulls have defended this level once again and LTC price has rebounded by 6% in just two hours after touching $118.
LTC/USD 12-hour chart
This rebound could push Litecoin towards the upper trendline at $140. On the 2-hour chart, the TD Sequential indicator has just presented a buy signal giving credence to the bullish rebound.
LTC/USD 2-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows the most significant resistance area to be located between $136 and $140, which coincides with our price target above. In this area 4.8 million Litecoin was purchased by more than 104,000 addresses.
LTC IOMAP chart
However, the IOMAP model also indicates that support below $120 is scarce. A breakdown below $120 would be a bearish breakdown from the descending triangle pattern on the 12-hour chart with a price target of $78.
LTC/USD 12-hour chart
The Confluence Detector shows only one robust resistance level at $127 which coincides with the 50-SMA level on the daily chart. On the downside, there is support between $126 and $125.
LTC Confluence Levels
These two levels coincide with a previous high on the 4-hour chart, the 10-SMA on the hourly chart, the previous high on the 1-hour chart and finally the previous low in the 15-minutes chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Watch out for Ethereum price as technical indicators point to dip below $1,000
Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier.
As NATO troops double, so do the bears' army in XRP
Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.
Why you should approach Bitcoin price with caution
A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.
Why this move from Shiba Inu price could catch investors off guard?
Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.
Bitcoin: Everything you need to know about BTC 200-week MA
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.