Litecoin technical analysis: LTC/USD bullish and bearish short-term scenarios
- Litecoin price manages to stay above $50 but bears retain most of the influence.
- A newly formed supply zone at $55 - $56 hinders growth towards the critical $60.
Spot rate: $53.45
Relative change: -0.025631
Percentage change: -0.04%
Trend: Bearish
Volatility: High
LTC/USD daily chart
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The forming rectangle pattern suggests two scenarios for Litecoin's next move. A break above the pattern resistance at $60 will catapult towards $80 and $100 respectively. However, the break of the pattern support at $50 could see LTC/USD refresh levels around $230.
LTC/USD 240-minutes chart
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Litecoin’s upward movement hindered by the descending trendline resistance, the 50 Simple Moving Average (SMA) and the 100 SMA.
$50 -$52 zone continues to function as key support.
LTC/USD 60-mins chart
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Litecoin is trading below the short-term trendline support after the resistance at $55 - $56 became too unbearable for the bulls.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
