The crypto market was having a good day today, as most of the coins were seen on the rising side. Litecoin has been recording significant upgrades over the last few days. After sulking below the top ten cryptocurrencies, LTC finally found its way to the sixth position as its market cap was replenished to $4,874 billion. At the time of writing, LTC had secured huge gains in its market. The altcoin was trading at $73.97 with a 10.99% surge in the last 24-hours. Over the last seven days, LTC bagged gains up to 25.13%.
Litecoin [LTC] – 1 Hour Price Chart
In the one-hour price chart of LTC, an ascending channel pattern was formed. This was identified by the higher highs at $72.02, $72.60 as well as $75.75. The lower trend line was formulated by higher lows at $67.44, $70.02, and $73.46. With the formation of an ascending channel pattern, the LTC market revealed that it was gearing up for a trend reversal as the direction of a breakout in the aforementioned pattern is usually downwards.
LTC was headed towards a correction following its daily drive. Post this, LTC’s price could endure a 23.6% Fibonacci retracement pushing its price to $72.61. The potential breakout following the formation of the bearish pattern could slump the price of LTC to $70.59 or further down to $68.95.
The 50 daily moving average as well as the 100 daily moving average seemed to be in sync with the bearish pattern formed in the short-term price chart of LTC. The 100 daily moving average was above the 50 daily moving average indicating a bearish sentiment in the market. At the time of writing, both the indicators were seen sluggishly converging.
Litecoin [LTC] Chart With Key Indicators
The Bollinger Bands indicator revealed that the LTC market was prepping to endure increased volatility. The bands were seen wide apart and diverging. The MACD indicator also screamed bears and aided the ongoing prediction. Earlier today, the signal line took over the MACD line and formed a bearish crossover.