Ken Chigbo
Independent Analyst
- Litecoin seen holding gains of around 2.5% on Tuesday, further trying to build a solid path of recovery.
- LTC/USD was rejected attempting to breakout of a descending wedge pattern, as seen on the 60-minunte chart.
The Litecoin price was seen holding good gains of 2.5% on Tuesday, much inline with the moves seen across the crypto market, as several major altcoins attempt a solid path of recovery. Although a rejection has knocked some wind out of the bulls.
LTC/USD price action has formed a descending wedge pattern, which was subject to breakout at the early part of the session, however the bulls did not have enough upside momentum to breach the wedge. Litecoin has been forced to retreat for the time being, but still trading in positive territory.
Near-term resistance has prevented the bulls from going on a large rally, the resistance was seen at the highs of the session, $56.597, which is the upper trend line of the descending wedge pattern, viewed on the 60-minute chart. Support and buying will now likely come back into play sub $54, as seen during the session lows, this is where a descent demand zone is seen.
LTC/USD 60-minute chart
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