Litecoin recently broke out of a symmetrical triangle pattern, indicating a potential upward movement in its price. However, the cryptocurrency faced rejection at its prior high, suggesting some resistance at this level.
Symmetrical triangles are typically seen as continuation patterns, meaning that the price is likely to continue moving in the direction of the breakout. In this case, since Litecoin broke out to the upside, there is a possibility of further upward movement in its price.
Despite the breakout, Litecoin was unable to sustain its momentum and was met with selling pressure at its prior high. This level now serves as a key resistance point for the cryptocurrency, and it will be important to see if Litecoin can break above it in order to continue its upward trend.
It will be interesting to see how Litecoin performs in the coming days as it attempts to break through this resistance level and potentially reach new highs. Traders and investors will be closely watching to see if Litecoin can sustain its momentum and continue its bullish trend.