This September proved to be pretty exciting for the altcoins, and Litecoin price is in a sway like most of them experienced a considerable price movement.
However, in the process, major resistances were breached. Ethereum is leading all the altcoins currently. Moreover, Litecoin is also showing positive growth.
On September 1, Litecoin was standing at sixty-four dollars ($64.01) mark; it then hiked up to almost eighty dollars ($79.80) on September 18 registering a little over twenty-four percent (24.66%) growth. At the time of writing, Litecoin valued at a little over seventy-two dollars ($72.11).
Litecoin price: Short-term movement
Short term Litecoin price chart shows signs of a bullish trend. On September 18, the digital assets hiked up to a little over seventy-nine dollars ($79.08) which followed with a price correction.
In a twelve-hour window, LTC price reduced to a little over seventy-three dollars ($73.12), but then again gained momentum and pushed the price back over the resistance at a little over seventy-six dollars ($76.23).
Since September 19, prices have progressively dropped; however, this whole movement initiated a descending channel pattern.
This formation of channel indicated about another bullish trend, which could breach immediate resistance at a little over seventy-two dollars ($72.92), and retesting of the major resistance at a little over seventy-six dollars ($76.92) mark. The validity of the pattern was confirmed by this decreasing volume.
Litecoin price: Medium-term movement
The short-term Litecoin price chart demonstrated the trend more clearly. Before the ongoing descending channel formation, LTC showed a similar pattern on September 9, and a bullish surge successfully broke it.
Prices hiked at about fifteen percent in that period, but the trading volume was low. At the time of writing, the present descending channel is backed by high volume that indicates the trader’s higher involvement in the market.
Lastly, LTC needs to undergo another bullish breakout and a re-test of resistance at a little over seventy-six dollars ($76.29) mark.