Litecoin Price Analysis: LTC coin price has broken out of the supply zone, will it continue the trend?

• The
  LTC
  price
  is
  hovering
  above
  the
  previous
  important
  supply
  zone
  after
  breaking
  it.
• The
  coin
  price
  is
  forming
  a
  flag
  and
  pole
  pattern
  for
  a
  4-hour
  time
  frame.
• The
  pair
  of
  LTC/BTC
  is
  trading
  at
  the
  price
  of
  0.002652
  with
  an
  increase
  of
  1.75%
  in
  the
  past
  24
  hours.

The

LTC
price,
as
per
the
price
action,
is
super
bullish
as
seen
in
the
daily
time
frame.
The
coin
price
is
now
resting
at
the
long-term
supply
zone
turned
demand
zone
after
breaking
it.
The
coin
price
broke
the
supply
zone
with
a
strong
bullish
candlestick
pattern,
confirming
the
breakout.
As
the
coin
price
rests
at
the
demand
zone,
it
has
started
forming
a
bullish
candlestick
pattern.
The
coin
price
has
started
forming
higher
high
and
higher
low
formation
on
the
daily
timeframe.
As
of
now,
the
coin
price
is
trading
at
the
middle
of
the
Bollinger
band
indicator,
after
facing
rejection
from
the
upper
band.
The
LTC
coin
price
is
currently
trading
above
the
14
SMA
and
50
MA.
Therefore
going
forward
the
coin
price
can
take
support
at
these
MA,
which
could
result
in
a
strong
bounce.
Despite
the
bullish
momentum
the
coin
price
is
yet
to
break
the
100
MA
and
therefore
the
coin
price
can
face
strong
rejection
of
the
100
MA
moving
upwards.

Volumes
have
increased
causing
the
volatility
to
increase.
The
investor
should
remain
cautious
and
wait
for
a
proper
signal.

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The
LTC
price
is
forming
a
flag
and
pole
pattern
on
a
daily
time
frame

Average
Directional
Movement
Index:
ADX
curve
has
been
dipping
on
a
higher
time
frame
as
the
coin
continues
to
fall.
In
a
daily
time
frame,
the
ADX
curve
has
dipped
out
of
the
20
mark
and
has
turned
upwards.
As
the
coin
price
rests
at
the
short-term
demand
zone
on
a
4-hour
time
frame.
It
is
a
positive
sign
for
the
coin
price.
Investors
should
wait
for
a
positive
candle
formation
at
the
demand
zone.

Moving
Average
Convergence
Divergence:
MACD
indicator
is
showing
bullish
momentum
as
the
coin
price
broke
the
supply
zone.
The
coin
price
broke
the
supply
zone
and
as
a
result,
the
MACD
lines
gave
a
positive
crossover.
The
blue
line
crossed
the
orange
line
on
the
upside
suggesting
a
bullish
move
in
the
upcoming
days.
Once
the
coin
price
breaks
the
flag
and
pole
pattern,
the
MACD
lines
can
be
seen
widening,
supporting
the
trend.

Supertrend:
Supertrend
indicator
is
positive
as
the
coin
price
broke
the
important
small-term
supply
zone
on
the
daily
timeframe.
Since
then
the
coin
price
has
failed
to
give
a
breakout
of
the
supply
zone
in
a
larger
time
frame.
As
of
now,
the
coin
price
has
broken
the
super
trend
sell
line
which
has
triggered
a
buy
line.

CONCLUSION:
LTC
coin
price
is
in
a
strong
uptrend
and
the
same
is
depicted
in
the
chart.
The
technical
parameters
suggest
the
same.
It
remains
to
see
if
the
coin
price
will
break
out
of
the
flag
and
pole
pattern
or
fail
to
do
so.
Investors
should
wait
for
a
clear
trend
and
then
act
accordingly.

SUPPORT:
$50
and
$52

RESISTANCE:
$61
and
$63

Source:
https://www.thecoinrepublic.com/2022/08/05/litecoin-price-analysis-ltc-coin-price-has-broken-out-of-the-supply-zone-will-it-continue-the-trend/

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