LTC Technical Analysis: Will Buyers Flourish Within Rising Wedge?
Table of contents
Key Technical Points:
Past Performance of LTC
The LTC price action shows a bullish reversal with lower price rejection near the $40 mark to form a rising wedge pattern. The continuation pattern accounts for a price jump of 50% in the last months and a jump above $60. The bullish reversal from the support trendline currently teases a price jump above the 100-day SMA.
Source - Tradingview
LTC Technical Analysis
The LTC price action saw a 3.13% jump today to break above the $60 mark teasing a bullish trend to the resistance trendline. The traders can expect the bullish breakout rally to reach the $75 mark.
The RSI slope shows a bullish reversal from the halfway line leading to a spike within the nearly overbought zone. Hence, the technical indicator reflects a rise in the underlying bullishness, increasing the uptrend possibility to the $75 mark.
The MACD indicator shows the fast and slow lines regaining the bullish spread after the recent merger as the bullish histogram spikes. Hence, the increasing likelihood of a continuation in the MACD and signal lines teases a price jump.
Hence, the technical indicators have an optimistic standpoint, suggesting a bullish breakout.
In a nutshell, the LTC technical analysis showcases an increase in buying pressure within the rising wedge.
Upcoming Trend
If the LTC price breaks above the resistance trendline, the breakout rally might exceed the $75 mark. Traders can expect the entended uptrend to reach the psychological mark of $100.
However, if the buyers fail to hold the support trendline, a bearish downfall will test the $50 mark.
Resistance Levels: $65 and $75
Support Levels: $50 and $40