Technical Analysis for LTCUSD for 25th March 2022
Litecoin Breaks above a Multi-month descending Channel, LTC may Rally to $150
Past Performance of LTC
Litecoin's buyers are upbeat in a bullish formation and positioning themselves for more upsides in the medium term. LTC is up 40 percent from 2022 lows in a bullish breakout pattern above a descending channel, evident in the daily chart. Litecoin is tracking Bitcoin, adding 13 percent in the previous trading week.
Litecoin Technical Analysis
In a bullish breakout formation above the descending channel and $120, LTC buyers are in the driving seat. Notably, the upside is firm as LTC bull bars band along the upper BB—pointing to optimistic bulls expecting more gains in the medium term. Trading volumes are also decent, and every low above $120 offers entries for aggressive traders targeting $150 in the short term. A sharp, high-volume bear bar thrusting LTC back below $120 cancels the uptrend, swinging the coin to bear territory.
What to Expect of LTC
Litecoin bulls are in charge, closing above $120 and the multi-month descending channel per the candlestick arrangement in the daily chart. Considering the positive correlation with Bitcoin, Litecoin prices may have more headroom as long as BTC continues printing higher.
Resistance level to watch: $150
Support level to watch: $120
Disclaimer: Opinions expressed are not investment advice. Do your research.
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