Litecoin Technical Analysis: LTC/USD is inside a daily symmetrical triangle waiting for a clear breakout
|- LTC/USD is inside a symmetrical triangle on the daily chart awaiting a breakout to $50 and above.
- A break of the pattern would lead LTC towards $64, the next resistance level.
Litecoin is trading inside an evident symmetrical triangle formed in the past month and a half. LTC/USD recovered from the crash on June 2 after successfully defending both the daily 12-EMA and the 26-EMA.
LTC/USD daily chart
-637268944412581259.png){kind=link}
Bulls can find a clear resistance level at $49.92, the high set on June 2 before the massive rejection. Unfortunately, that’s not the only resistance point as Litecoin formed another high at $50.87 back on April 30. The daily RSI has cooled off and LTC continues trading above the 12-EMA and the 26-EMA on the daily chart. The nearest and most important support level is the low on June 2, at $44.54, marked with the green horizontal line.
LTC/USD 4-hour chart
-637268944683074308.png){kind=link}
The 4-hour chart shows another line of resistance at $48.08, formed on May 30 and a support level at $46.30. Bulls have done a great job defending the 12-EMA and the 26-EMA here as well. A clear loss of these two EMAs could indicate a shift in momentum favoring the bears.
LTC/USD technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.