Posted 5 hours ago
A bullish cycle within a parallel bullish channel pattern hits the monthly resistance of $ 65. This horizontal level has limited bullish growth over the past three months, indicating a high possibility of price reversal. However, even as Litecoin’s price breaches resistance, the bullish path is filled with more significant hurdles.
Key points of Litecoin’s price analysis:
- LTC pricing responded to a parallel channel model
- The LTC price shows supply pressure at the $ 65 resistance
- The intraday trading volume of the Litecoin coin is $ 605.1 million, indicating a loss of 3.67%.
Over the past few weeks, the cryptocurrency market has witnessed a significant correction that has sent bitcoin and even major altcoins plummeting close to the 2022 low. Although Litecoin’s price has gone through a similar retracement phase, coin buyers have managed to hold on. above the $ 52.5 support zone.
Therefore, after repeated testing of this support, the reinstated bullish momentum restored prices on Sept. 7. The bullish reversal also helped buyers maintain an upward parallel channel pattern, which supported the current recovery rally for three months.
Litecoin’s price is up for the fifth consecutive day, posting a growth of 20.2%. However, the bullish rally hits the $ 65 monthly resistance and struggles to break out. A bearish reversal from this horizontal level will cause the price to plummet back to support the trend line.
However, if coin buyers manage to breach the overhead resistance, the price could rise by 6.5% before hitting the pattern’s trendline. Therefore, in response to this pattern, Litecoin’s price may decline from this resistance to trigger a new bearish cycle.
Furthermore, the uptrend channel patterns themselves tend to pick up on the prevailing downtrend. As a result, the LTC price is poised to breach this support trendline, which could intensify the bearish trend.
Therefore, as long as prices do not break the resistance trendline, the altcoin will be threatened with correction.
EMA: the 20 and 50 day EMA moving sideways accentuates the previous bearish trend which is fading. Also, a crossover between these slopes gives a further boost to the $ 65 resistance.
Relative Strength Index: the daily slope-RSI is climbing higher in the bullish territory, indicating growing confidence for market participants for the current recovery.
- Resistance Levels: $ 65 and $ 69.2
- Support Levels: $ 58.8 and $ 52.6
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.