Since the last Litecoin price technical analysis Will This Support Hold?, Litecoin has gained $0.067 or 2.45 percent to trade at $2.800.
The better part is that Litecoin is currently in a short-term technical pattern which will lead to a big swing in the price.
Read on below the latest technical considerations of the daily LTC-USD price chart.
Litecoin Chart Structure – Upon a closer look at the price action of the past 6-7 sessions, it can be found that Litecoin has been trading in a small triangle. A triangle, which is a continuation pattern, in a downtrend implies that a bigger downmove can be expected in the coming sessions.
Moving Averages – When Litecoin breaks out of the triangle, expect it to test the 200-day SMA of $2.5136.
Moving Average Convergence Divergence – MACD, Signal Line and Histogram extend their stay in the sub-zero region as pessimism continues to cloud over Litecoin. The latest respective values are -0.3289, -0.2914 and -0.0376.
Momentum – The Momentum indicator is also bearish with its reading of -0.7052.
Money Flow Index – The MFI is