Litecoin Technical Analysis: LTC/USD breakdown infiltrates $40 support as focus shifts to $30
|- Litecoin battered bulls scatter into hibernation; selling activity intensifies under $40.
- Oversold conditions in both the long term and short term timeframes suggest that a reversal is around the corner.
Spot rate: $39.80
Relative change: -0.1632
Percentage change: -0.42%
Trend: Bearish
Volatility: Low
LTC/USD daily chart
Litecoin renewed the bearish momentum on breaching the falling triangle pattern support.
As long as the price remains under $40, the focus will stay at $30 because the bears continually gain confidence.
The prevailing oversold conditions as displayed by the stochastic RSI signal that a reversal is on the way.
LTC/USD 4-hour chart
If Litecoin bulls take advantage of the falling wedge pattern and force a breakout above $45, the potential of recovery above $65 supply zone will increase greatly.
The Stochastic RSI indicator suggests that a recovery is in the offing although delayed breakouts and lagging movements should be expected.
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