Litecoin (LTC) price analysis: a triangle breakout may be underway

Litecoin fashioned reduced highs and uncovered help close to $131 thus building a descending triangle. After the rejection of its selling price at the resistance point, the coin seems on its way to look at an assist. However, a triangle breakout may be underway, but some technical indicators have not shown any clear signs.

The 100 SMA is better than the longer-term 200 SMA signaling that the route of least resistance is to the downside. The longer-term 200 SMA has lined up with a major triangle to boost the support. A split underneath assistance could guide to a fall of the identical top as development, which ranges between $131 and $160. Additionally, the initial resistance is near the 23.6% Fib retracement level of the last decline from the $136.15 high to $124.91 low.

According to litecoin price predictions, the coin may be trading at $600 at the end of 2018. Currently, looking at all the digital coins in the market, litecoin is among the largest cryptocurrencies. As such, the coin is out of the limelight. Many institutional investors have already invested in the platform, and many more may follow. This is why litecoin transactions are increasing daily.

Another reason presaging the future success of the coin is the media attention that it has began to acquire recently. Being exposed to the public will lead to more companies and people giving their preference to the platform. Currently, many businesspeople, artists, doctors and even entrepreneurs are talking about the platform.

After few years of consolidation among the top performing digital coins and transaction networks, a triangle breakout may be underway for the coin’s price which may propel it to elite status. However, more work needs to be done and more development to be attained.

Do you think the coin’s price will manage this triangle breakout?

Share your thoughts in the comment section below

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