Litecoin has always been considered one of the most undervalued cryptos, as it was the first altcoin after Bitcoin, which is functional.
Priced at $114.37 at the beginning of the month, the Litecoin (LTC) price encountered a significant bearish trend. However, the bears failed to maintain their momentum and the bulls managed to pull the price to the higher levels. Now, the token showcases a recovery of 15% in the past 24 hours, despite the bearish activity, and is trading close to the crucial resistance levels.
LTC price encountered a significant bearish trend at the beginning of the month, which led the token towards the lower support levels. As the bears attempted to pull the price to new lows, the bulls intervened and managed to uplift the token price from further bearish possibilities. Now, the token price is seen rising close to the crucial resistance levels, which if broken, will lead LTC price towards higher targets.
After rising from the lower support levels, the LTC price is now seen attempting to clear the bearish descending triangle pattern. This pattern breakout will help the token price achieve the higher targets, which are set at $138, $152, and finally $176. Moreover, the breakout from the triangle pattern will also invalidate the lower targets that are set at $90 and $60.
LTC price encountered a significant bearish trend at the beginning of the month, which led the token towards the lower support levels. As the bears attempted to pull the price to new lows, the bulls intervened and managed to uplift the token price from further bearish possibilities. Now, the token price is seen rising close to the crucial resistance levels, which if broken, will lead LTC price towards higher targets.
After rising from the lower support levels, the LTC price is now seen attempting to clear the bearish descending triangle pattern. This pattern breakout will help the token price achieve the higher targets, which are set at $138, $152, and finally $176. Moreover, the breakout from the triangle pattern will also invalidate the lower targets that are set at $90 and $60.
LTC price showcases a bullish setup on the daily chart as it attempts to clear the bearish descending triangle pattern from the lower levels. This pattern breakout will lead the token price towards the higher targets, which are set at $138, $152, and finally $176. Moreover, the breakout from the triangle pattern will also invalidate the lower targets that are set at $90 and $60.
A crucial resistance is observed at $121, which if defended by the bears will halt the bullish rally and may even lead to a bearish pullback. In such a case, the bulls need to minimize the losses and prevent the price from falling below $118, which will help them maintain the bullish trend. If the bulls fail to do so, the bearish possibilities will rise and may pull the LTC price towards the lower support levels at $112 and $104.
