LTC price breaks down into a descending triangle as the price failed to break above resistance, which prevented the price from trending higher.
LTC is trading below the 8-day and 20-day exponential moving average as the price struggles to recapture bullish signs as the price continues to oscillate in a descending triangle.
LTC prices continue to range as prices point to a breakout in either direction.

Litecoin (LTC) price continues to struggle as the price ranges in an attempt to reignite its bullish move against Tether (USDT). Litecoin (LTC) and other crypto assets enjoyed a relief rally in previous weeks that saw the crypto market cap look good for cryptocurrencies across the industry, with many producing double-digit gains; LTC showed some relief bounces but was quickly rejected in a range price move. (Binance data)

Litecoin (LTC) price analysis on the weekly chart

Despite having a rough time in recent months with the price falling to a low of $40 due to the market condition as the crypto market has been in a bear market for over six months which has led to many crypto assets to retest their weekly low while others are simply hanging on key support.

After the price of LTC surged to a high of $300, the price declined and fell to a weekly low of $40, where the price remained strong after forming support, and this region looked like a price ask zone.

LTC price rebounded from this $40 region as price surged to a weekly high of $65 as price faced resistance to break higher as price pulled back to $100.

Since then, the price of LTC has continued in its range movement as the price prepares to break out of this range with the goal of retesting the resistance at $65.

Weekly resistance for LTC price – $65.

Weekly support for the price of LTC – $40.

LTC price analysis on the daily chart (1D)

LTC Daily Price Chart | Source: LTCUSDT at Tradingview.com

On the daily time frame, the price of LTC continues to trade below the 8-day and 20-day EMA, which is not good for a short-term price trend to the upside. The prices of $53.5 and $52 correspond to the prices at the 8 and 20 EMAs that act as resistance for LTC.

LTC price continues to be in a range bound move as the price has formed a descending triangle. LTC Price Needs to Break Out to Resume Its Upward Movement; a breakout to the downside would send LTC price to a daily low of $47 and likely $40.

Daily resistance for LTC price: $55-65.

Daily support for LTC price: $47-$45.

CryptoCompare Featured Image, Tradingview Charts



This post Litecoin Traders Face Dilemma Before Breakout, Will Price Rise To $60?

was published first on https://www.newsbtc.com/analysis/litecoin-traders-face-dilemma-ahead-of-breakout-will-price-rally-to-60/

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