Since the SEC the spot LTC ETF invented and recognized, the Litecoin price has risen in the elevator. The token shows an enormous strength with a considerable amount of volume in times when large tokens such as Bitcoin or Ethereum are confronted with enormous upward pressure. This suggests that the traders are very optimistic about the next price promotion, which could increase the levels by another 20% in the coming days.
The LTC price was traded for quite a long time within a tight range below $ 75, so that the focus of the token trader has been removed. In the meantime, the November outbreak took a huge volume over token, which helped in a significant increase in volatility and price. The LTC price has risen higher than $ 120 and is stuck within a range with equal bullish and bearish. That is why securing one of these reach can shed light on the future trajectory of token.
However, the question remains whether the LTC price above the resistance breaks in at $ 130 or is confronted with a rejection to fall below $ 120.
The daily graph of LTC suggests that the price is stuck in a decisive symmetrical triangle and goes to test the upper resistance. Although the RSI has undergone a U-shaped recovery, the DMI levels are some worries. Remember the +DI & -Di from undergoing a bearish crossover, while the ADX has been absorbed hard. This suggests that the strength of the rally is quite weak and therefore a rejection of the resistance can quickly approach.
This expects the litecon price to act within the pattern until it does not receive a huge influx of purchase volume. A rapid increase of more than $ 130 can cause a revival in the short term, which can further attract the correction and bring the levels within the reach. In the meantime, if the LTC price surpasses $ 130 and secures levels above $ 140, the Beerarish possibility can be dragged a little down but not eliminated.
That is why traders are expected to remain vigilant about the Litecoin (LTC) price rally, since the trade setup points to consolidation, while the bulls seem prepared to increase the price by more than 20%.
