Litecoin (LTC) is performing at its peak levels as seen in the past five days. <\/p>\n
LTC exhibits the formation of a rising parallel channel pattern
\nLTC price is down by 0.69% as of this writing
\nLTC price on a 5-day straight rally registered a growth of 21.4%<\/p>\n
LTC is having a bull run as validated by the formation of a rising parallel channel pattern touching the key resistance seen at $66.<\/p>\n
The key resistance zone has been a major hurdle for LTC hindering any bullish growth for the past couple of months, hinting at a price reversal. <\/p>\n
Nonetheless, even if the LTC price can break through the resistance zone, there are still more junctures in the road.<\/p>\n
Litecoin Manages To Hold Above $53.5 Support<\/p>\n
The crypto market has been taking the low blows with major corrections going on that further toppled down BTC and other major altcoins in 2022. <\/p>\n
Even though Litecoin did suffer through a retracement, the support of buyers has allowed the altcoin to hold above the key support zone of $53.5.<\/p>\n
According to CoinMarketCap<\/a>, LTC price has plunged by 0.69% or trading at $82.59 as of press time.<\/p>\n\n The support level has been retested multiple times which allowed the bulls to come back stronger on September 7. <\/p>\n Moreover, the bullish reversal also helped with sustaining the buying momentum and the rising parallel pattern which hoisted the recovery of LTC in the past three months.<\/p>\n LTC price has been on a surge for the fifth straight day, tapping on the growth of as much as 21.4%. <\/p>\n The bullish streak has touched the monthly key resistance of $66 and showing some difficulty to climb further. Any signs of bearish reversal at this point will trigger a price decline back to hoist the trendline.<\/p>\n LTC To Experience Corrections<\/p>\n On the other hand, if the coin buyers can successfully break the barriers of the overhead key resistance zone, the LTC price could potentially spike 6.8% higher before it can touch the trendline. <\/p>\n Further, the LTC price may revert from the resistance level and start a bearish trend.<\/p>\n Additionally, the rising channel patterns formed are presumed to trigger further downtrends. With that in mind, the LTC price has a strong tendency to breach the key support line, strengthening the bearish momentum.<\/p>\n Hence, until LTC prices fail to breach the key resistance level, Litecoin may encounter corrections.<\/p>\n The 20- and 50-day EMAs are spotted swerving sideways showing that the bearish momentum could be faltering. <\/p>\n More so, the bearish crossover seen sliced between these slopes strengthens the $66 resistance. Litecoin\u2019s RSI is also seen to spike higher and look bullish showing growth in investor and buyer confidence.<\/p>\n\n LTC total market cap at $4.4 billion on the daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from Blogtienao, Chart from TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Litecoin (LTC) is performing at its peak levels as seen in the past five days. <\/p>\n LTC exhibits the formation of a rising parallel channel pattern LTC is having a bull run as validated by the formation of a rising parallel channel pattern touching the key resistance seen at $66.<\/p>\n The key resistance zone has been a major hurdle for LTC hindering any bullish growth for the past couple of months, hinting at a price reversal. <\/p>\n Nonetheless, even if the LTC price can break through the resistance zone, there are still more junctures in the road.<\/p>\n Litecoin Manages To Hold Above $53.5 Support<\/p>\n The crypto market has been taking the low blows with major corrections going on that further toppled down BTC and other major altcoins in 2022. <\/p>\n Even though Litecoin did suffer through a retracement, the support of buyers has allowed the altcoin to hold above the key support zone of $53.5.<\/p>\n According to CoinMarketCap<\/a>, LTC price has plunged by 0.69% or trading at $82.59 as of press time.<\/p>\n The support level has been retested multiple times which allowed the bulls to come back stronger on September 7. <\/p>\n Moreover, the bullish reversal also helped with sustaining the buying momentum and the rising parallel pattern which hoisted the recovery of LTC in the past three months.<\/p>\n LTC price has been on a surge for the fifth straight day, tapping on the growth of as much as 21.4%. <\/p>\n The bullish streak has touched the monthly key resistance of $66 and showing some difficulty to climb further. Any signs of bearish reversal at this point will trigger a price decline back to hoist the trendline.<\/p>\n LTC To Experience Corrections<\/p>\n On the other hand, if the coin buyers can successfully break the barriers of the overhead key resistance zone, the LTC price could potentially spike 6.8% higher before it can touch the trendline. <\/p>\n Further, the LTC price may revert from the resistance level and start a bearish trend.<\/p>\n Additionally, the rising channel patterns formed are presumed to trigger further downtrends. With that in mind, the LTC price has a strong tendency to breach the key support line, strengthening the bearish momentum.<\/p>\n Hence, until LTC prices fail to breach the key resistance level, Litecoin may encounter corrections.<\/p>\n The 20- and 50-day EMAs are spotted swerving sideways showing that the bearish momentum could be faltering. <\/p>\n More so, the bearish crossover seen sliced between these slopes strengthens the $66 resistance. Litecoin\u2019s RSI is also seen to spike higher and look bullish showing growth in investor and buyer confidence.<\/p>\n LTC total market cap at $4.4 billion on the daily chart | Source: TradingView.com<\/a><\/p>\n
\nLTC price is down by 0.69% as of this writing
\nLTC price on a 5-day straight rally registered a growth of 21.4%<\/p>\n