Litecoin (CRYPTO: LTC) is trading higher Friday as the overall crypto sector pushes higher.
Litecoin is nearing resistance in a pattern and could see a breakout soon if it continues to rise within the pattern it’s trading in.
Litecoin was up 4.8% at $190.22 at last check.
Litecoin Daily Chart Analysis
- Litecoin continues to trade higher in what technical traders call an ascending triangle pattern. It’s nearing the resistance line in the pattern.
- The $200 level has been an area where the crypto’s price has been unable to hold above for long. The higher low trendline has been an area where support has been found in the past. These levels may continue to hold until one of them is broken.
- The crypto trades above the 50-day moving average (green) and crossed above the 200-day moving average (blue) Friday, indicating the crypto is turning more bullish.
- Each of these moving averages may hold as an area of support in the future.
- The Relative Strength Index (RSI) has been pushing higher the past few weeks and now sits at 62 on the indicator. This means there is much more buying pressure than selling pressure in the crypto.
What’s Next For Litecoin?
Bullish traders are looking to see the crypto continue to trade above the higher low trendline and go on to break above resistance. A consolidation period above resistance could hint the crypto is ready to make another bullish push higher.
Bearish traders are looking to see the crypto break below the higher low trendline for a possible change in long-term trend. Bears would then like to see the crypto drop below the moving averages to see sentiment turn more bearish.
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