- The LTC coin price is trading near the supply zone on a daily time frame.
- The LTC coin price is forming a symmetrical triangle pattern in a daily time frame.
- The pair of LTC/BTC is trading at the price level of 0.00281 with an increase of 1.25% in the past 24 hours.
The LTC coin price is trading near the supply zone on a daily time frame. The coin price is at a make-or-break level on a daily time frame. Recent bearishness in the global market has resulted in the LTC coin price falling below the important demand zone. The LTC coin price is forming lower low and lower high formation on a weekly time frame. On a daily time frame, the coin is consolidating in a range after continuously bouncing off the demand zone. The LTC coin price has been bullish for the past 24 hours following the overall cryptocurrency market trend. The LTC coin price is trading below the 50 and 10p Moving Averages. Recent bearishness that prevailed in the stock market led to the breakdown of these important MAs. Moving upwards the coin price can be seen facing strong rejection from these MAs. The LTC coin price is trading at the upper band of the Bollinger band indicator after bouncing off the demand zone. Volumes have increased due to recent bullish momentum. The coin price had also risen above the 20 EMA, indicating short-term bullishness.
The LTC coin price is forming a symmetrical triangle pattern on a daily time frame
Supertrend: The LTC coin price is trading at the supply zone, as it consolidates. Recently the coin price bounced off the demand zone. Before that, the LTC coin price was facing strong ejection from the super trend sell line. Recent bullishness has resulted in the LTC coin price breaking the super trendd sell line, which triggered a bullish signal. As of now, the LTC coin price is trading above the super trend buy line. Moving upwards the coin price can be seen resting at the super trend buy line.
Average Directional Movement Index: The LTC coin price has been on a rise for the past couple of days and recently it started consolidating near the supply zone. As a result the ADX curve also fell, depicting the consolidation. Moving upwards if the coin price can sustain above the demand zone, the ADX curve can be seen dipping out of the 25 mark, as the coin price breaks the supply zone. If not, then the coin price can be seen falling leading to the ADX curve falling further.
Relative Strength Index: RSI curve is trading at the level of 41.79. As of now, the RSI curve is yet to cross the halfway mark of 50. Once the LTC coin price crosses the supply zone, the RSI curve can be seen rising higher. The RSI curve has also crossed the 20 EMA. Despite the consolidation phase, the RSI curve is rising indicating bullish momentum to foray.
CONCLUSION: The LTC coin price is hovering around the supply zone on a daily time frame. As per the price action, the coin price is forming a continuation chart pattern. The technical parameters are indecisive due to sideways movement. It remains to see if the coin price will break the chart pattern on the upside or break the demand zone.
SUPPORT: $48 and $50
RESISTANCE: $58 and $60
