Litecoin rallied to a high of $3.46 on the 20th of January, and price has been slowly ticking into a progressively tighter range. There is a clear descending triangle formation visible on the 4-hour chart. Yesterday, a very similar formation on the Bitcoin chart broke in a very violent manner to the upside!
The bottom of that triangle formation is also a major pivot zone. The $3.06 area has been used as support on more than six occasions in the past thirty days. The exchange rate spiked bellow $3.06 many times, but was unable to actually close underneath $3.06 and stay there for any length of time.
From a longer term perspective, the $3.30 level continues to be a major pivot zone. If the current triangle formation breaks up – just like the Bitcoin one from yesterday – then $3.30 is very likely to act as resistance again. Mark this price level on your charts – it is very important from a technical point of view and I am sure many traders are watching it.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart Source: https://www.okcoin.com/market.do?symbol=1
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…
A new milestone in the evolution of crypto investment products is set to unfold as…
A major milestone is unfolding in the blockchain economy as Polygon records a historic “flippening”…