Litecoin seems to be breaking out of a three-week-long combination period, but a specific technical indication points to a correction prior to it advances further.
Litecoin Primed to Regain Lost Ground
Litecoin took a 39% nosedive to hit a low of $113 a few hours after peaking at a high of $185 on Jan. 10. Ever since, this cryptocurrency entered a debt consolidation stage where its rate made a series of lower highs while the $120 support level had the ability to reject any more down pressure.
Such price behavior appears to have formed coming down triangle on LTC’s 4-hour chart.
As buy orders began to pile up behind Litecoin on Jan. 2, its rate had the ability to break through the triangle’s hypotenuse at $139. The spike in the buying pressure has actually pressed LTC’s market price by more than 12% in the previous 24 hours, but the bullish impulse is far from over.