Litecoin’s price may get a boost with breach of ascending triangle

The silver crypto, Litecoin has been noting its price rise gradually in the market, despite the blow it faced on 16 October. With the current price of the coin standing at $54.46 and a market cap of $3.47 billion Litecoin had a bullish half in 2019, however, the bearishness in the overall cryptocurrency market pulled its YTD down.

However, LTC might note another spike in its price, in the short term, once it breaches the bullish pattern forming over a few weeks.

Source: LTC/USD on TradingView

The hourly chart of Litecoin noted the formation of an ascending triangle. The pattern is characterized by two trend lines, one of which connected higher lows at $51.11, $52.67, $53.24, and $54.28, with another line providing a base to the triangle at $55.17. The cautiously rising price of the digital-silver might see a sudden surge in its price as the coin breaches the ascending triangle.

The volume of the coin was noted to consolidate as the price moved gently and the market appeared extremely bullish, as the 50 moving average took the lead and 100 moving average laid under it.

Source: LTC/USD on TradingView

MACD indicator pointed at a crossover that took place recently, causing MACD line to slip under the signal line. The momentum of the trend was minimal. Relative Strength Index was descending toward the oversold zone, marking a bearish sign for the sixth-largest coin.

Conclusion

Litecoin’s consolidating price might get a boost with breach of ascending triangle, however, the on-going trend in the market appeared to be on the bear’s side.