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- Litecoin worth has simply defended a vital assist degree at $121.
- The digital asset is buying and selling inside a descending triangle sample on the 12-hour chart.
- The TD Sequential indicator has introduced a purchase sign that may assist the bulls.
Litecoin has been buying and selling sideways in a consolidation sample after reaching its 2021 high at $185. LTC bulls are attempting to defend a vital assist degree and push Litecoin price in direction of $140.
Litecoin worth can rapidly rise to $140 with this rebound
On the 12-hour chart, Litecoin established a descending triangle sample with a assist trendline situated at $121. Evidently bulls have defended this degree as soon as once more and LTC worth has rebounded by 6% in simply two hours after touching $118.
LTC/USD 12-hour chart
This rebound might push Litecoin in direction of the higher trendline at $140. On the 2-hour chart, the TD Sequential indicator has simply introduced a purchase sign giving credence to the bullish rebound.
LTC/USD 2-hour chart
The In/Out of the Cash Round Worth (IOMAP) chart reveals essentially the most important resistance space to be situated between $136 and $140, which coincides with our worth goal above. On this space 4.8 million Litecoin was bought by greater than 104,000 addresses.
LTC IOMAP chart
Nonetheless, the IOMAP mannequin additionally signifies that assist beneath $120 is scarce. A breakdown beneath $120 can be a bearish breakdown from the descending triangle sample on the 12-hour chart with a worth goal of $78.
LTC/USD 12-hour chart
The Confluence Detector reveals just one strong resistance degree at $127 which coincides with the 50-SMA degree on the every day chart. On the draw back, there may be assist between $126 and $125.
LTC Confluence Ranges
These two ranges coincide with a earlier excessive on the 4-hour chart, the 10-SMA on the hourly chart, the earlier excessive on the 1-hour chart and eventually the earlier low within the 15-minutes chart.
