LTC Technical Analysis: Will Buyers Break The Symmetrical Triangle?

LTC prices showcase a symmetrical triangle pattern in the daily chart with a potential bull cycle ready to surpass the resistance trendline. Key technical points: LTC prices have jumped by 1.27% in the last 24 hours. The price action shows a symmetrical triangle pattern in the daily chart. The 24-hour trading volume of Litecoin is $602 Million, indicating a rise of 45%. Past Performance of LTC The LTC price action shows a bullish reversal from the bottom support at the $40 mark, resulting in a support trendline. The trendline helps complete the symmetrical triangle and holds the momentum trapped. Moreover, the recent bullish support at the trendline at $48 surpasses the psychological mark of $50 to attempt the resistance trendline breakout. Source- Tradingview LTC Technical Analysis The daily candle shows a higher price rejection with a long wick formation as the LTC prices reverse from the resistance trendline. However, the bullish attempt with a morning star pattern holds its ground. The fast and slow lines in the MACD indicator showcase a sideways trend slightly after a significant jump showcasing a saturation phase. However, the lines maintain a positive alignment, indicating a bullish phase which increases the breakout possibility. The RSI indicator shows a remarkable increase in the buying pressure as it reverses from the oversold zone to surpass the halfway line. The slope struggles to sustain above the halfway line but...