Litecoin price analysis: LTC / USD sees a promising bullish confirmation after the interruption and testing of the downtrend channel

  • The price of Litecoin on Friday outperformed many of its peers, with a gain of around 2%.
  • LTC / USD makes a strong break from the downtrend channel, sees the new test and is now clear for further hikes.

On Friday the price of Litecoin was seen trading firmly in the green, outperforming many of its peers in the encrypted market. A movement that is continuing the promising bullish momentum, unleashed by the middle of the week.

Thursday's LTC / USD surged up from a downtrend channel formation, which began to take shape on 6 September. During the Friday session, the price saw a small withdrawal to test the upper part of the interrupted channel, a move that plays the textbook.

Technically, given the rupture and testing from the downtrend channel for LTC / USD, it opens the way for the bulls to apply additional buying pressure. On the upside, resistance can be found around the September 10th highs at $ 56.75 and then a supply zone is seen a little further in the region of the first $ 58.

Graph 4-hour LTC / USD

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