Litecoin price analysis: LTC/USD is well supported at $141, with big breakout of narrowing wedge eyed
|- Litecoin price is up 1% on Wednesday, as eyes are on a decent breakout of narrowing wedge pattern.
- Resistance in the near-term is tracking at $158, $165 and then $200, with support at $141.
The Litecoin price is seen up modestly by 1% in the latter stages of trading on Wednesday, with what continues to be a soft trading week so far. Price across the major altcoins are seen to be treading carefully for now.
LTC/USD has respected a narrowing wedge since 19th December, when the record highs were printed at $366. As the price have bounced within the mentioned pattern, it has been tightening in terms of the trading range.
Technically, developments in the price are quiet, however Litecoin continues to track extremely closely to the above trend line, that forms the narrowing wedge pattern, seen on the daily time frame. Given the number of occasions LTC/USD has touched the tracking line, this has made that resistance vulnerable to a breach. Resistance is currently tracking at $158, further north seen at $165, then $200 would likely come back into play. Support looks to be strong at $141.
LTC/USD daily chart
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