Litecoin Breaches Bullish Trend

sam | Bitcoin World

Litecoin (LTC) is approaching a crucial resistance at $63. A breakout above this level would signal that the trend is bullish.

There are no signs of weakness yet, and the price is expected to eventually break out.

Long-Term Litecoin Resistance Levels

The LTC price is trading very close to a crucial resistance level found at $63. The level has intermittently acted as both support and resistance since September 2019 and is also the 0.618 Fib level of the most recent decrease that began in February 2020.

Despite this, LTC created a bullish engulfing candlestick last week, increasing considerably and almost reached the $63 area. The movement also caused the weekly RSI to cross above 50 and accelerated the slope of the Stochastic Oscillator.

These are bullish signs that indicate that the price is likely to continue heading upwards. If successful in breaking through $63, the next resistance area would be found at $84.50.

Cryptocurrency trader @TheTradingHubb outlined an LTC chart and stated that the price had just reached a crucial resistance level, a breakout above which would be extremely bullish.

At the time of press, LTC was trading directly under a descending resistance line drawn from the all-time high of $360.

A breakout above this resistance would be a major bullish development, especially since LTC would reclaim previously outlined horizontal levels as well.



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