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Emerging Pattern May Push LTC Price To 64.6 dollar Mark

30-Aug-2022 By: Simran Mishra
Emerging Pattern May

At the $52.2 support, a morning star candle formation shows that buyers are attempting a price rebound. A better confirmation is required because there hasn't been a noticeable increase in volume activity yet. At this support zone, will LTC bulls be able to wrestle trend control from sellers, or will the correction rally continue?

A potential bullish reversal from the $52.2 level of support might promote the development of a double bottom pattern. The 20-day EMA changed from being an ineffective resistance to supporting additional price reduction. The Litecoin coin's intraday trading volume is $465.5 Million, representing a gain of 21.6%.

On August 18th, the LTC/USDT pair displayed a bearish breakdown from the rising wedge pattern's support trendline. This breakdown should position LTC to revisit the $40.5 because the whole purpose of this pattern is to maintain the current downturn. The post-breakdown slump has already reduced prices by 13.5%, bringing them to $52.4.

Last weekend, LTC buyers attempted to push the price back up, but they were unable to sustain above the $57 resistance and saw a rapid reverse. Additionally, the unsuccessful comeback coincided with Powel's most recent hawkish remark; the altcoin dropped down to $52.3.

On the other hand, a double bottom pattern may be strengthened by a less probable but still potential bullish reversal from $52. Additionally, a bullish breakout from the neckline resistance of $57.6 will present prospects for recovery for coin holders, perhaps boosting the price of the currency to the $64.6 level.

Technical indicator

Bollinger band: A bullish reversal is very likely if the coin price breaks out above the lower band of the indicator. However, the sellers will prevail so long as the price is below the midway.

Vortex indicator: Coin traders have been aggressively selling coins as shown by the spread between the VI+ and VI-. Despite an attempt to reverse from the $52.2 level, the indicator has not yet shown a meaningful change.

Resistance Levels: $57 and $25

Support Levels: $52.3 and $47


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