Litecoin price analysis: LTC/USD stalls after a perfect falling wedge pattern breakout
|- Litecoin broke out of an extended falling wedge pattern but failed to clear $65.00 resistance.
- Technical levels are relatively positive with Litecoin likely to trade between $60 and $57.
Litecoin price is back under $60, although the recent recovery movement touched $64.81 (short-term supply zone). The recovery followed a general uptrend in the market mainly driven by the king of cryptos, Bitcoin (BTC).
Litecoin's break above an extended falling wedge pattern was a key ingredient for a significant rally towards $100. However, the correction stalled shy of $65 and left the $70 level untested.
Meanwhile, the crypto is flirting with $57.81. Movement upwards is immediately hindered by the 50-day Simple Moving Average (SMA). The 100-day SMA currently at $70 will continue to push against the price.
The Moving Average Convergence Divergence (MACD) shows that hope for Litecoin trading above $60 is still alive. The MACD has to continue with the upward movement above the zero line. A bullish cross will encourage more buying entries. A sideways trend is also possible especially with the Relative Strength Index (RSI) in a horizontal motion above the average.
LTC/USD daily chart
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