Litecoin Is Getting Pinched Between Support And Resistance

Litecoin (CRYPTO: LTC) is trading up alongside the rest of the crypto market on Wednesday. Some other popular crypto tickers moving higher include Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Ethereum Classic (CRYPTO: ETC) and Dogecoin (CRYPTO: DOGE).

Litecoin was up 1.64% at $177.43 at last check Wednesday afternoon.

Litecoin Daily Chart Analysis

  • Litecoin looks to be forming into what technical traders call an ascending triangle pattern. The pattern is nearing resistance and the stock may see a push one way or the other soon.
  • The crypto trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the crypto is likely in a period of consolidation.
  • The crypto may find support near the 50-day moving average, while the 200-day moving average could hold as resistance.
  • The $200 level has been an area Litecoin struggles to cross above, this price level may continue to hold as resistance in the future. The higher low trendline has been an area where the price has been able to find support and stay above, it may continue to hold in the future.
  • The Relative Strength Index (RSI) has been moving sideways above the middle line. The RSI sits at 57 now showing that there have been more buyers in the crypto than sellers.

What’s Next For Litecoin?

Bullish traders are looking to see Litecoin keep pushing higher above the higher low trendline until resistance breaks. Bulls then want to see the crypto break above resistance and make a large move upward.

Bearish traders would like to see Litecoin break below the higher low trendline and start to fall lower. A cross below the higher low trendline could signal the crypto is in the process of changing trends.

Image by Eivind Pedersen from Pixabay 

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