Bitcoin btc
$ usd

Can Litecoin Successfully Reclaim $50?

2 mins
Updated by Kyle Baird
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In Brief

  • The Litecoin price is trading inside a long-term symmetrical triangle.
  • The price has created a short-term double-bottom alongside a descending support line.
  • There is support at $40 and resistances at $47, $55, and $61.50.
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The Litecoin price has been trading inside a massive symmetrical triangle since April 16. The price is expected to eventually break out from this triangle and move towards long-term resistance levels.
The Litecoin price has been increasing since March 13. However, in the period from April 16, it has been trading inside a symmetrical triangle. While the symmetrical triangle is often considered a neutral pattern, the fact that the pattern is transpiring after an upward move makes a breakout more likely.

Litecoin Symmetrical Triangle

There is, however, considerable resistance zones above the current price. First, there are the 50 and 200-day moving averages (MA), both of which are above the current price. Second, there is the $47 horizontal resistance area.  Finally, the daily RSI was rejected by the 50-line and is moving downwards.
Litecoin Symmetrical Triangle
Litecoin Chart By Tradingview
Cryptocurrency trader @Mesawine1 believes that the price will break out from the symmetrical triangle, stating that :
$ltc update: It’s taking a bit longer than expected, but #litecoin is still looking primed for a blast. C’mon #ltc show me some of that juicy stuff #crypto
Source: Twitter
A look at the short-term chart supports the possibility of a breakout. The price has been following a short-term descending support line that has been in place since June 2. In addition, during the most recent lows, the price has created a double-bottom alongside bullish divergence in the RSI. Therefore, the price is expected to begin moving upwards towards the resistance area previously outlined and possibly break out from the triangle.
Litecoin Descending Support
Litecoin Chart By Tradingview

Future Movement

The weekly chart reveals a slightly bullish bias. Even though the price decreased below $40 at the beginning of March, the price has reclaimed the level as support. This makes the aforementioned March movement a likely fake out below support, which was followed by an increase. If the price breaks out from the symmetrical triangle, the closest resistance levels would be found between $55-$61.50. For this movement to be confirmed, the weekly RSI would have to move above 50.
Litecoin Weekly Chart
Litecoin Chart By Tradingview
To conclude, the LTC price has been trading inside a symmetrical triangle, out of which a breakout is expected. The price is likely to reach the resistance areas outlined above.


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for...