LTC Technical Analysis: Will Buyers Break The Symmetrical Triangle?
Table of contents
Key technical points:
Past Performance of LTC
The LTC price action shows a bullish reversal from the bottom support at the $40 mark, resulting in a support trendline. The trendline helps complete the symmetrical triangle and holds the momentum trapped. Moreover, the recent bullish support at the trendline at $48 surpasses the psychological mark of $50 to attempt the resistance trendline breakout.
Source- Tradingview
LTC Technical Analysis
The daily candle shows a higher price rejection with a long wick formation as the LTC prices reverse from the resistance trendline. However, the bullish attempt with a morning star pattern holds its ground. The fast and slow lines in the MACD indicator showcase a sideways trend slightly after a significant jump showcasing a saturation phase. However, the lines maintain a positive alignment, indicating a bullish phase which increases the breakout possibility.
The RSI indicator shows a remarkable increase in the buying pressure as it reverses from the oversold zone to surpass the halfway line. The slope struggles to sustain above the halfway line but takes support at the 14-day line. In a nutshell, the LTC technical analysis highlights a bullish breakout possibility if the buying pressure sustains.
Upcoming Trend
If the LTC prices surpass the resistance trendline, the market price will boom and likely exceed $60 to reach the $75 mark. Conversely, the bullish failure will lead to a bearish breakout and retest the bottom support at $40.
Resistance Levels: $60 and $75
Support Levels:$50 and $40