Litecoin technical analysis: LTC/USD inclines towards the beckoning $50 level
|- Litecoin is trading above a long-term descending trendline resistance but $70 hurdle remains unconquered.
- LYC/USD continues to battle bearish pressure in a bid to stay above $60.
Spot rate: $60.98
Relative change: -0.3774
Percentage change: -0.61%
Trend: Bearish
Volatility: Expanding
LTC/USD daily chart
The formation of a rising wedge pattern means that a breakdown towards $50 is in the offing.
The zone between $46 - $50 remains the key support area able to defend against acute selling pressure.
LTC/USD 4-hour chart
LTC/USD slides under the ascending trendline support but bulls manage to defend $60.00 short-term support.
The MACD shows that the bears are gaining traction with a short term target at $58.
LTC/USD 1-hour chart
The short term trendline support has been tested twice and has the potential to defend $60 support.
The MACD’s bullish cross suggests that bulls are gaining traction in the near-term.
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