Litecoin price analysis: Bounces off the lows, support is near; falling wedge here too
- LTC bounces off the low.
- Falling wedge visible in the short term.
Litecoin bounces off the low in Friday trading to turn green in a low range trading day even as there is a visiblity of a bullish falling wedge pattern on the short term chart. Although its early days and prices can fall haywire, but if the breakout does occur then it might take prices towards recent highs.
LTC/USD is mildly up around 0.4 percent at $133.06, near the high point of the day and range for the day has been within a band of 3 percent, and no its not a security yet, its a cryptocurrency who normally have a range anywhere between 5-15 percent.
On the 240-minute chart, Litecoin is in the process of making a falling wedge and would be bullish for the prices once broken out. Although what needs to be noted is many a falling wedges in the cryptocurrencies haven't resulted in giving meaningful price breakouts which would result in price rallies. (Read earlier related story here)
LTC/USD 240-minute chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
