Litecoin Price: The cryptocurrency market extended its recovery into the new week as the price of Bitcoin reached the $72,000 mark for the first time. The bullish momentum has spread to the altcoin market and taken several digital assets to new heights, including Litecoin. With an intraday gain of 20%, LTC price surpassed the $100 mark, challenging the resistance trendline of a 2-year sideways trend. Will buyers free themselves?
Also Read: Donald Trump Backs Bitcoin, Touts BTC’s Traditional Currency Potential
The market recovery fuels the Litecoin price rally beyond the symmetrical triangle
Litecoin (LTC)| Tradingview
Litecoin (LTC) is a peer-to-peer cryptocurrency created by Charlie Lee in 2011 as a fork of Bitcoin. It aims to provide faster transaction confirmation times and a more efficient mining process. Litecoin is often considered the silver to gold of Bitcoin, underscoring its role as a convenient medium of exchange for everyday transactions.
Litecoin’s current recovery trend began when the price rebounded from the combined support of $63 and the lower trendline of the symmetrical triangle pattern. Under the influence of this pattern, the asset resonates within two converging trend lines, until one breaks to signal the next directional move.
Thus, under the influence of this pattern and a broader market recovery, the price of Litecoin increased by 66% in seven weeks to the current value of $105. This bullish cycle is currently challenging the resistance trendline of the triangle pattern, signaling an opportunity to trigger a new recovery trend.
Also Read: BlackRock’s Bitcoin Stake Surpasses MicroStrategy With Net Inflows of $2 Billion This Week
Litecoin Breakout Fueled by $2.17 Million in Liquidations
A look at the daily time chart shows a long bullish candle with 20% growth piercing the upper trend line. According to derivatives market data provider Coinglass, the Litecoin short position trader witnessed a liquidation of $2.17 million.
Therefore, a successful breakout will mark the conclusion of 2 years of sideways action and provide buyers with adequate support to sustain a sustainable recovery. According to the theoretical target, the post-breakout rally should chase $200.
However, a possible reversal from the resistance trendline will prolong Litecoin’s current sideways trend.
- Exponential Moving Average: A bullish crossover between the 100 and 200 day EMA strengthens the bullish momentum of LTC price.
- Average directional index: A rise in the ADX slope near 20% reflects that buyers have enough strength to prolong the current recovery.
Related articles
- Spot Bitcoin ETF: here is the total BTC purchased by the 4 large issuers this week
- Crypto Stocks of the Week: Bitcoin, Shiba Inu and Worldcoin Spark Optimism
- Hong Kong to Launch Ethereum Spot ETF Before US, 10 Firms Reveal Bitcoin ETF Plan
