Litecoin’s price has been struggling below the $60 mark, having failed to gain necessary traction despite Bitcoin’s recent surge and a bullish start to the day. At press time, the coin was priced at $59.46 after a minor surge of 1.90%. Additionally, the silver crypto held a market cap of $3.77 billion and a 24-hour trading volume of $3.57 billion.
Bullish Projection for Litecoin’s short-term chart
Litecoin’s short-term chart exhibited the formation of a symmetrical triangle pattern. A continuation of the pattern would see an upward breakout. Another crucial factor that predicted a potential upward breakout were the moving averages. The 50 moving average was above the 100 moving average, following a crossover. This depicted a potential bullish breakout in the near-term.
If a breakout to the upside materializes, this would essentially mean that the coin will tread above its psychological resistance at the $60-mark. LTC bulls found major resistance at $67.01, unbreached since the September decline while the support stood firm at $52.90.
Litecoin’s 4-hour Chart
The MACD line was below the signal line. This indicated a potential bearish phase for the coin. The RSI depicted a bullish market sentiment for the LTC traders, as the RSI line was well above the 50 median.
Litecoin’s short-term price could swing higher as all the indicators, with the exception of the MACD, projected strong bullish signals for the silver crypto in the near-term. Also, LTC investors also recorded a positive sentiment. Besides, Litecoin Summit 2019 could possibly boost the price and give the coin a much-needed positive break. Following the bullish breakout, the coin could touch the $65 mark, before a pullback.
Litecoin’s ailing price prepares for breach of descending channel
Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.
Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.
The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.
The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.
The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.
Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.