The Litecoin price broke the strong resistance and moved upward from the symmetrical triangle at $71.784 US Dollars. On February 02, the cryptocurrency saw a bullish trend after 06:00 GMT, and the LTCUSD trading pair was led across the $73.00 mark, after which it retraced the price line towards the $71.00 level.
1-Day Litecoin Price Analysis (February 02)
The cryptocurrency was subjected to a bearish fall as the price line moved to the price chart for February 02. The coin was accompanied by a price decline until after 02:15 GMT when the coin’s price saw a rise across the $73.00 mark. The cryptocurrency was able to reach a day’s high of $73.21 US Dollars at 12:17 GMT. The price continued trading between the $71.50 and $72.00 levels on the price chart until it reached its current trading value of $71.72 US Dollars.
The breakout from the symmetrical triangle is expected to trigger a rise in the cryptocurrency’s price, where the first three target resistances will be at $72.789, $74.586 and $76.174.
Technical Indicators for Litecoin
The Relative Strength Index (RSI) crossed level 70.00 and reached 82.07 at 06:42 GMT. The technical indicator is placed at 54.27. The 20-Day Exponential Moving Average (EMA) lies at $71.71, while the 50-Day Moving Average (MA) stands at $71.67.
Featured Image by Wesley Tingey.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.