- LTC/USD pair is approaching a trendline breakout
- Litecoin has initiated a major breakout on the daily chart
- The price of the digital asset has a bullish short-term bias
Litecoin news today – The price of Litecoin has been experiencing many weeks of sideways trading. This has been the case since the March price crash. Since then, the coin has managed a few bursts and drops until. For the current session, the digital asset has initiated a major breakout via the daily chart. The LTC/USD trading pair has broken above its long-term trendline resistance position. An analysis of the price of Litecoin shows that the proposed technical breakout via the daily time frame is still valid while the coins’ price trades above the $43.00 position. Let’s see more about how the Litecoin price has performed recently particularly in the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – Litecoin Could Test $51 in the Medium-term Via the Daily Chart
The price of Litecoin has initiated a major technical breakout via the daily time frame. This price action comes after many weeks of sideways trading. The LTC/USD trading pair could test the $51 area (which is currently the trendline resistance that it must overcome). The daily time frame indicates that the LTC/USD trading pair might also test the current 2020 trading high price of $51. Especially, now that there has been a breakout from the triangle pattern. The area where the daily price closes in the coming days will be essential to determine if the above-mentioned breakout is genuine. Based on the size of the price pattern, the trading pair could rally to the $60.00 area at a minimum. If there is a false breakout on the other hand, then the LTC/USD trading pair could fall to the bottom of the triangle pattern at $26.00.
Litecoin News Today – The Price of Litecoin Has a Bullish Bias in the Short-term
Litecoin’s technical analysis for the session shows that the digital currency has a bullish bias in the short-term while its price is trading above the $42.85 area. The lower time frame has continued to signal that there is a bearish head-and-shoulders pattern present, despite the rise in bullish short-term bias for LTC. The LTC/USD bulls must now move the coins’ price above the $50.80 resistance to invalidate the possible bearish trend. Traders should remember that the digital currency could rally to the $60 position if the price pattern is invalidated. If the trading pair weakens under the $42.80 level, sellers may push it back to the neckline of the pattern, which will be at the $39.00 area. Litecoin has initiated a bullish breakout on the daily chart. Buyers could start to take the digital asset towards the fresh 2020 trading high.