After being locked below $60 on the price charts, Litecoin underwent a much-needed break to the positive side. The coin posted gains of 3.98% over the last 24 hours, with the coin trading at a price of $60.24, at press time.
Litecoin 4-hour Chart
Litecoin’s four-hour chart exhibited the formation of a symmetrical triangle pattern. The volume of the coin also receded over time and was providing validity to the pattern formation. The breakout, in this case, could happen either way. LTC’s short-term price chart witnessed a subtle breakout to the positive side, but the formation of a continuation pattern was halted by the closing red candle at press time.
The 100 moving average was below the 50 moving average. This is a bullish indication. The moving averages underwent a bullish crossover on 29 October and since then, the lower moving average has continued its uptrend while the 100 moving average hovered below the candles. If a bullish breakout materializes, LTC could find its price testing $67, a level unseen since 24 September.
While a breakout to the negative side seemed unlikely, the coin found major support at points $53.08 and $48.60.
The MACD indicator was bullish and depicted the red lines getting weaker following which, the lines sustained a subsequent bullish crossover with the signal line. RSI also depicted bullish sentiment among Litecoin investors.
The silver crypto’s price climb coincided with developments released by Litecoin Creator Charlie Lee who stated that the main focus of the Foundation is to make the coin fungible. Since then, the coin has moved higher. A bullish breakout would enable Litecoin to recover significantly from the yearly lows and breach a crucial resistance level above $65.