Litecoin (CRYPTO:LTC) is a cryptocurrency that has been climbing throughout the past year.
Litecoin is a peer-to-peer internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open-source global payment network that is fully decentralized and contains no central authorities.
Litecoin was up 5% at $347.16 at last check.
Below is a technical analysis of the chart.
Litecoin Daily Chart Analysis
- Litecoin looks to have broken out of what technical traders may call an ascending triangle pattern.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment is most likely bullish.
- Both of these moving averages may hold as an area of support.
Key Levels To Watch
- The ascending triangle pattern is a bullish continuation pattern. Litecoin looks like it broke out of the pattern and is heading higher.
- Previously the $240 level held as resistance before the cryptocurrency was able to break above the level.
- Now the $240 level may hold as an area of support. Another area the crypto may find support is along the trendline that is formed by the higher lows. To best visualize the trendline, drawing a line on the chart that connects the lows together will show the potential area of support.
What’s Next For Litecoin?
Bullish technical traders would like to see Litecoin continue its run upwards. As long as higher lows are able to be formed, bulls should stay in control.
Bearish technical traders would like to see Litecoin fall back below the $240 level. A push below the lower high trendline could indicate the trend is changing to bearish.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.