- The Litecoin price declined heavily this past week and traded close to $3.55 where it found support.
- There was a pennant pattern formed on the hourly chart, which was broken to open the doors for an upside move.
- There is a major barrier on the upside around $4-4.20 where buyers may find it tough to retain traction.
Litecoin price after declining, found support and currently forming a consolidation pattern that might set it for an upside move.
As clearly seen in the chart attached there is a critical break noted above the pennant formed on the hourly. The Bollinger Bands gap has decreased, signaling the fact that the price may be forming a range pattern before it sets up for the next move. Now, we need to analyze which way it may turn to. Looking at the current breakout and price action it looks like there is a chance of an upside move.