Litecoin could break the important support level of $ 22


The LTC / USD pair has formed a triangle that looks like a downward pennant. Its resistance line is the support of the previous structure and was well respected in the past both on the previous structure as support and now as resistance.

Litcoin is now at 24.23 on FXOpen. Currently, the price of the cryptocurrency is in a downward trajectory because it has been rejected around the SMMA at 50 hours and we could see another interaction with the triangle support line again.

LTC / USD December 13 - FXOpen

This interaction could lead to a negative breakout to $ 21.98 as this is the next significant level of horizontal support, strong enough to hold back the sell-off momentum.

However, if the price altcoin rises and we see a breakout from the upside, it is expected that the price will not go beyond the resistance at $ 27.75. This is the previous high level because this current triangular structure is a correction after a downward movement, so a continuation of the trend is expected.

In both cases, we expect to see the price significantly lower, but this may not be in a straight line.

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