Litecoin (LTC) Exhibits Ascending Triangle Pattern, Bullish Momentum Building
- LTC displays an ascending triangle pattern, indicating a bullish trend.
- Traders eye a target price of 84.8 for LTC
Litecoin (LTC) forms an ascending triangle pattern, a bullish technical formation that has caught the attention of cryptocurrency traders and investors alike. Moreover, with a target price of $84.8 and an entry point set at $74.95, market participants are eagerly monitoring this pattern for potential price breakouts.
Added to this, the ascending triangle pattern in LTC is characterized by a horizontal resistance level, formed by multiple price highs, and a rising trendline acting as support, marked by higher swing lows. Moreso, this pattern signifies an equilibrium between buyers and sellers, often leading to an eventual bullish breakout.
In addition, traders and technical analysts have been closely studying LTC’s price action within the ascending triangle, recognizing the potential for a sustained upward move in the near future. –
LTC Technical Analysis: Trade Setup
Entry: For this trade setup, it is advisable to enter a long position once the price of Litecoin successfully breaks above the consolidation range, particularly surpassing the level of $74.95. Moreover, this breakout indicates a bullish signal, potentially leading to a significant upward move in LTC’s price.
Target: The target for this trade setup is $84.8. This level represents a substantial potential upside from the breakout level, indicating the anticipated bullish momentum in Litecoin. In addition, traders and investors can consider this target as an objective to take profits from the trade.
Stop Loss: Even more, to manage risk effectively, it set a stop loss at $73.8. Placing the stop loss below the lower boundary of the consolidation range helps protect against potential downward movements that may invalidate the bullish setup. By implementing a stop loss, traders can limit potential losses in case the trade does not go as anticipated.
LTC Shows Ascending Triangle Pattern
Even more, while technical patterns like the ascending triangle can provide insights into possible price movements, it’s important to consider additional factors that could impact LTC’s trajectory. In addition, the market conditions, investor sentiment, and broader cryptocurrency trends may also influence the price action of LTC.
According to CoinMarketCap, the LTC price is trading at $76.49, at the time of writing.
To note, traders and investors advised to keep a close eye on Litecoin (LTC) in the coming days as the ascending triangle pattern unfolds. Moreover, the potential breakout above the resistance level could generate significant trading opportunities. However, it is crucial to conduct thorough research, consider multiple indicators, and consult with financial professionals before making any investment decisions.
Disclaimer: Any information contained in this article is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this article.
Read more: https://thenewscrypto.com/litecoin-news-analysis-bullish-momentum/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
