- Litecoin price jumps around 2.8% in the space of around 2 hours, after being on the back foot in early trading.
- LTC/USD escaped from a descending channel pattern formation, seen on the 60-minute chart.
The Litecoin price jumped around 2.8% in the afternoon trading on Tuesday, after escaping a pattern that had been dictating price action. LTC/USD initially started the session firmly on the back foot, as seen across much of the market.
In terms of technical aspects, LTC/USD had been trading within a descending channel pattern formation. It was moving within this since 20th October. Bulls managing to cause a technical breakout, seeing a quick fast money move to the upside.
Given the short-term breakout, eyes will now be on a potential pullback. If playing by the textbook, given the push above, out of the descending channel pattern, a retest may soon be observed. Support is seen at $53.22, just on top of the channel. Resistance is noted at $53.00, the high area printed on 22nd October.
LTC/USD 60-minute chart
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