How Litecoin (LTC) Is Able To Muster A 5-Day Straight Rally

Christian Encila

Last Updated: September 11, 2022 5:10 pm

3 mins read

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Litecoin (LTC) is performing at its peak levels as seen in the past five days.

LTC exhibits the formation of a rising parallel channel pattern
LTC price is down by 0.69% as of this writing
LTC price on a 5-day straight rally registered a growth of 21.4%

LTC is having a bull run as validated by the formation of a rising parallel channel pattern touching the key resistance seen at $66.

The key resistance zone has been a major hurdle for LTC hindering any bullish growth for the past couple of months, hinting at a price reversal.

Nonetheless, even if the LTC price can break through the resistance zone, there are still more junctures in the road.

Litecoin Manages To Hold Above $53.5 Support

The crypto market has been taking the low blows with major corrections going on that further toppled down BTC and other major altcoins in 2022.

Even though Litecoin did suffer through a retracement, the support of buyers has allowed the altcoin to hold above the key support zone of $53.5.

According to CoinMarketCap, LTC price has plunged by 0.69% or trading at $82.59 as of press time.

The support level has been retested multiple times which allowed the bulls to come back stronger on September 7.

Moreover, the bullish reversal also helped with sustaining the buying momentum and the rising parallel pattern which hoisted the recovery of LTC in the past three months.

LTC price has been on a surge for the fifth straight day, tapping on the growth of as much as 21.4%.

The bullish streak has touched the monthly key resistance of $66 and showing some difficulty to climb further. Any signs of bearish reversal at this point will trigger a price decline back to hoist the trendline.

LTC To Experience Corrections

On the other hand, if the coin buyers can successfully break the barriers of the overhead key resistance zone, the LTC price could potentially spike 6.8% higher before it can touch the trendline.

Further, the LTC price may revert from the resistance level and start a bearish trend.

Additionally, the rising channel patterns formed are presumed to trigger further downtrends. With that in mind, the LTC price has a strong tendency to breach the key support line, strengthening the bearish momentum.

Hence, until LTC prices fail to breach the key resistance level, Litecoin may encounter corrections.

The 20- and 50-day EMAs are spotted swerving sideways showing that the bearish momentum could be faltering.

More so, the bearish crossover seen sliced between these slopes strengthens the $66 resistance. Litecoin’s RSI is also seen to spike higher and look bullish showing growth in investor and buyer confidence.

LTC total market cap at $4.4 billion on the daily chart | Source: TradingView.com

Featured image from Blogtienao, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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