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Litecoin price analysis: LTC forms ascending triangle pattern in pursuit of $60 resistance

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis remains bullish for 5th consecutive day
  • Price buoyed by bullish support to propel price up to $60 resistance
  • RSI shows overbought market valuation which could initiate price correction

Litecoin price analysis continues to show bullish signs, as the token continued to witness upward ascent past the 20 and 50-day moving averages over the past 24 hours. LTC bulls will be targeting the resistance point at $60 over the current uptrend that initiated on July 13, 2022. Since then, price has risen more than 21 percent to recuperate the extended sideways pattern witnessed earlier in the month. Over the past 24 hours, LTC price rose as high as $56.47 and formed an ascending triangle pattern on the daily chart. Trading volume for Litecoin rose 47 percent over today’s trade while market cap rose 1.5 percent to 3,882,585,419.

The larger cryptocurrency market faced minor downtrends over the past 24 hours, with Bitcoin moving back closer to the $21,000 mark with a 1 percent dip. Ethereum consolidated above the $1,300 mark and could target $1,500 over the coming trading session. Among leading Altcoins, Cardano dropped 1.5 percent to $0.44, while Ripple moved down to $0.35 with a similar decline. Dogecoin dropped to $0.06, whereas Solana dropped 2 percent to $38.97 and Polkadot trended down to the $7 mark with a 1 percent decline.

Screenshot 2022 07 17 at 10.00.55 PM
Litecoin price analysis: Cryptocurrency heat map. Source: Coin360

Litecoin price analysis: RSI closing in towards overbought region on daily chart

On the 24-hour candlestick chart for Litecoin price analysis, price can be seen forming an ascending triangle over the weekend with price clearing the 9 and 21-day moving averages. The range of the upper triangle can be seen to be narrowing, which could break the trend as soon as seller pressure comes in. LTC bulls will look to test the $60 resistance with trading volume rising more than 47 percent, albeit lower than previous rallies. Over the past 24-hours, Litecoin moved clear of the 50-day exponential moving average (EMA) at $52.61.

LTCUSDT 2022 07 17 22 50 22
Litecoin price analysis: 24-hour chart. Source: Trading View

With support set around the $50 mark, there is promise for further extension over the current trend. The 24-hour relative strength index (RSI) reached up to 55.54 over today’s trade and would be approaching the overbought zone over the next 24 hours which could trigger price correction. Meanwhile, the moving average convergence divergence (MACD) curve can be seen forming higher lows above the neutral zone, also presenting a bullish outlook.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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