Litecoin Technical Analysis: LTC/USD is inside a daily symmetrical triangle waiting for a clear breakout
- LTC/USD is inside a symmetrical triangle on the daily chart awaiting a breakout to $50 and above.
- A break of the pattern would lead LTC towards $64, the next resistance level.
Litecoin is trading inside an evident symmetrical triangle formed in the past month and a half. LTC/USD recovered from the crash on June 2 after successfully defending both the daily 12-EMA and the 26-EMA.
LTC/USD daily chart
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Bulls can find a clear resistance level at $49.92, the high set on June 2 before the massive rejection. Unfortunately, that’s not the only resistance point as Litecoin formed another high at $50.87 back on April 30. The daily RSI has cooled off and LTC continues trading above the 12-EMA and the 26-EMA on the daily chart. The nearest and most important support level is the low on June 2, at $44.54, marked with the green horizontal line.
LTC/USD 4-hour chart
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The 4-hour chart shows another line of resistance at $48.08, formed on May 30 and a support level at $46.30. Bulls have done a great job defending the 12-EMA and the 26-EMA here as well. A clear loss of these two EMAs could indicate a shift in momentum favoring the bears.
LTC/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
