Litecoin Price Forecast: LTC/USD spikes above falling triangle pattern, hello $50
|- Litecoin is trading above a falling triangle pattern following a formidable bounce from $42 support.
- LTC/USD dances between the 50 SMA support and the 100 SMA resistance in the 2-hour range.
- A break above $44.00 is expected to pull Litecoin towards $50 in the coming sessions.
Litecoin price is following closely in the footsteps of other major cryptocurrencies such as Ethereum and Bitcoin; both of which are leading recovery in the market. LTC/USD is exchanging hands 1.63% higher on the day. Over the weekend, the price remained pivotal around $43.00. On the downside, $42.00 was established not only as the short term support but also the triangle suppport.
At the time of writing, LTC/USD is fighting for a chance to trade above the hurdle at $44.00; a move that could easily pave the way for gains above $45.00 and towards $50.00. Of interest to the bulls is the upward-pointing RSI. This indicator has corrected from recent frequent dips to 30 (oversold region). If the RSI keeps moving north, it would show that the bullish grip is getting stronger.
The MACD currently holds the ground at 0.00 (midline) after a minor recovery from -0.2187. This shows that buyers have the upper, moreover, if buying action fails to break above $44.00, then LTC/USD could instead settle for consolidation.
The breakout past the falling triangle resistance still has an impact on the price. It is about time the buyers increase their confidence in the recovery because $50 is still achievable. On the flipside, a reversal from the current market value ($43.63) would seek support at the 50 SMA, $43.00 and $42.00 (triangle support).
LTC/USD 2-hour chart
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