During Q1 and Q2, the performance of Litecoin was remarkably well, and Q3 indicated a relatively high pressure of selling.
Despite insignificant surges, the altcoin failed to put up an impressive rally, and what was required was a reversal of the trend that could potentially be at the horizon.
At press time, the value of Litecoin is a little over fifty-seven dollars ($57.15), after a surge of a little over one percent (1.13%) in the past hour, as per CoinMarketCap.
Litecoin price movement: What to expect?
The short-term Litecoin price chart indicates the creation of a parallel price channel pattern. Downtrend was being previously followed by the price. What was thought to be a bear flag, turned out to be favoring the bulls, as LTC price went through an upward breakout.
Since 11 October’s dip, the hundred-day MA was acting as a resistance for the value, has now been breached. Additionally, fifty-day MA indicated that an uptrend would likely occur after the breakout, after remaining under the hundred-day MA.
The Litecoin price chart bulls reached a major resistance at a little over fifty-eight dollars ($58.36) mark.
In case the upward trend continues, the LTC price can potentially reach its psychological resistance at sixty dollars ($60) in the upcoming term. For the short-term price chart, the support level stood at a little over fifty-four dollars ($54.03)