Litecoin Technical Analysis: Rectangle breakout targets 43.20 in the near-term
- LTC bulls keep the recent recovery momentum intact on Saturday.
- Litecoin looks bullish in the near-term, a test of 43.00 on the cards.
The sixth most widely traded cryptocurrency, Litecoin (LTC/USD), with a market capitalization of $ 2.70 billion, is one of the leading gainers amongst the top 10 favorite digital assets on Saturday. The coin is looking to extend Friday’s recovery, especially as the technical set up turns in favor of the bulls in the near-term. Despite the latest uptick, the coin remains in a familiar trading range between $ 44.50 and $ 38.80. At the time of writing, the price reverses a spike to daily highs and trades around 42.50, still up 0.50% on the day while gaining nearly 4.50% over the last 24 hours.
LTC/USD 15-minutes chart
- Rectangle pattern breakout confirmed, with a target seen around 43.20 levels.
- Immediate support awaits at the horizontal (pattern) resistance of 42.30, as the coin retraces the latest spike.
- LTC bears will eye the upward sloping 21-HMA at 42.13 on a breach of the last.
- The Relative Strength Index (RSI) has room for further upside, as it lies just beneath the overbought territory.
LTC/USD daily chart
- LTC bulls struggle below the 23.6% Fibonacci Retracement level of the Nov-Dec decline around 43.00.
- A sustain breakthrough above the last will strengthen the recovery momentum toward the bearish 50-DMA at 44.92.
- For now, the bias appears neutral to bullish amid a flat RSI at the midline, with buy the dips to be seen around 39.50 region.
LTC/USD Levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
