Litecoin (CRYPTO: LTC) is trading slightly lower Friday it was relatively flat throughout the day. Litecoin looks to be breaking out of a pattern and could see a bullish push in time if the cryptocurrency can see a breakout.
Litecoin was down 1.18% at $198.47 last check Friday at publication.
Litecoin Daily Chart Analysis
- Litecoin continues to trade higher in what technical traders call an ascending triangle pattern, the crypto is now at resistance and flirting with a breakout.
- The $200 level has been an area where the crypto’s price is unable to hold above for long. The higher low trendline is where the crypto has been able to find support in the past. Resistance will likely hold until broken and possibly turn into support, while the higher low trendline may continue to hold as support.
- The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing bullish sentiment.
- Each of these moving averages may hold as an area of support in the future.
- The Relative Strength Index (RSI) has been moving sideways above the middle line the past few weeks and now sits at 55. This shows the crypto has been seeing more buying pressure overall the past few weeks.
What’s Next For Litecoin?
Bullish traders are looking to see a breakout within the next week or so. Bulls then want to see the crypto hold above the $200 level for the possibility of a continuation higher.
Bearish traders are looking to see the crypto get rejected at the $200 level and head toward the higher low trendline. Bears then want to see the crypto break below the higher low trendline for a possible change in trend and the start of a downward trend.
Photo by Michael Förtsch on Unsplash
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