Litecoin (LTC) has lost its position among the top five recently, and the troubles are not over for Litecoin price chart trends.
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)