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.
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.
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.