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  • Litecoin price defends $40 support after the bulls lost momentum at $50.
  • A double-bottom pattern nurtures a possible breakout targeting 2019 high around $140.

Litecoin price has been pushed back to the drawing board after selling activities at $50 put an end to last week’s rally. The 21 SMA in the weekly range also stood in the way of the gains. Moreover, the 50 SMA at $70.79 is in line to hinder movement to $100.

Interestingly the crash on March 12 to $25 formed a double-bottom pattern. This pattern is interpreted as a bullish indicator and marks the end of a downtrend in favor of significant bullish action. In this case, Litecoin price is nurturing a breakout which will market the beginning of a rally to 2019 highs at $140.

LTC/USD daily chart

LTC/USD price chart

Litecoin price intraday levels

Spot rate: $41.33

Relative change: 0.0093

Percentage change: 0.06%

Trend: Bullish

 Volatility: Expanding