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Litecoin price breaks upward from symmetrical triangle at $71.784

litecoin featured image

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)

litecoin price chart february 02

Litecoin Price Chart by TradingView

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

litecoin featured price chart february 02

Litecoin Price Chart by TradingView

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.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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