Litecoin’s potential breakout on the upside
Litecoin’s overall technicals have remained bearish despite multiple upward swings and have reverted to its previously breached points. It was trading close to the $50 psychological level following the latest surge that catapulted the coin.
The formation of a symmetrical triangle pattern on the 12-hour Litecoin chart was indicative of a potential breakout that could go either way. After a crash, 50 daily moving average [Pink] and 100 daily moving average [Blue] sustained a bearish crossover in April. However, following consequent surges, the two DMAs started converging and were observed to be treading close. This indicated that a potential bullish crossover could be in the inkling.
In addition, both 50 and 100 DMA slid above the Litecoin candles. This further validated the bullish presence.
MACD was also above the signal line, which indicated a bullish phase for the silver crypto.
Scenario 1:
A bullish breakout in the near term was supported by the daily moving averages below the price candles. In this case, the coin could climb to key resistances at $53.88 and $63.14, points that were depicted to have high trading activity by the VPVR indicator.
Scenario 2:
A bearish breakout is highly unlikely as the coin found critical support at $40.35 and $35.79 as depicted by the VPVR indicator.
Litecoin is the silver to Bitcoin and has historically been responsive to the king coin’s price action. Currently, BTC-LTC correlation coefficient stood at 0.86. Bitcoin’s rally will be able to drive Litecoin’s up to climb significant points that have acted as resistance for quite some time.
Conclusion:
Litecoin’s potential breakout on the upside could help reclaim resistance points at $53.88 and $63.14. The price candles were firmly supported at points $40.35 and $35.79.
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