Litecoin market overview: LTC/USD rising wedge pattern in the offing


  • Litecoin bulls fail to rally support leaving $70 untested and unconquered.
  • Lack of enough buying positions means that the sellers’ grip is still intact.

Litecoin price action has not been drastic in the past few days. The buyers have been careful in quest to regain control lest they spook the bears who recently sent the price in a spiral hitting levels at the beginning of April’s rally. The support at $62 has been very instrumental in the congoing recovery.

In addition to that, a forming support trendline has ensured the buyers focus on higher levels while functioning as a bounce wall. Litecoin stepped above the 50 Simple Moving Average 1-hour and the 100 SMA yesterday. The move tried to encourage the buyers to rise to the occasion but they were somehow unsure. LTC/USD lock step price action managed to step above $68 resistance but lest $70 not only untested but also unconquered.

Lack of enough buying positions means that the sellers’ grip is still intact. LTC/USD is currently valued at $66.99 after retreating from $68.21 (weekly high). Unfortunately, a forming rising wedge pattern threatens to wipe out the progress made by the bulls in the past few days. If Litecoin fails to break above $70 and retreats below $66 support, dips could refresh the $62 support and explore the $50 range.

LTC/USD 1-hour chart

 

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