Litecoin (LTC), at press time, was testing the support at the bottom of a triangle pattern, raising concerns about a potential drop...
Short-term bullish sentiment seen thanks to the 50-day MA above longer MAs and the price trading above the Ichimoku Cloud, at press time, was testing the support at the bottom of a triangle pattern, raising concerns about a potential drop to $70.
This pattern generally suggests a bullish reversal, which means there is huge potential for price increases if the bottoms hold firmly. The upper band of the triangle pattern, along with the resistance near the $80-mark, needs to be watched. A decisive breakout above this level could signal a move towards higher resistance, possibly around the $90-mark or even higher.
As can be seen on the chart, Litecoin, at press time, was testing the lower support level of the triangle pattern. If this level fails, a drop towards $70 could occur, especially if the support gives way under selling/bearish pressure.The 50-day moving average seemed to be positioned above the 144-day exponential moving average and the 200-day moving average was above the baseline , reinforcing the bullish sentiment in the market.
Finally, the RSI was around 66 – On the higher side, but still below the overbought threshold of 70. Simply put,market may have strong buying pressure but not necessarily overbought conditions. Ergo, there may be room for further upside before the market gets overheated.Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology.
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