Litecoin Price Analysis: LTC/USD there may still be hope
- Litecoin is nursing minor losses in the late part of Friday, down just some 0.20%, but there is a shot still of a move higher.
- LTC/USD price action has formed a descending wedge pattern, which does have room for a breakout to the upside.
Litecoin price seen trading marginally within negative territory, down just some 0.20%, in the latter part of the session. LTC/USD has traded in a choppy manner through the day, swinging between gains and losses, at one point being up as much as 5%, to see those losses swiped by the bears.
LTC/USD price action has formed a descending wedge pattern formation, subject to a breakout to the upside. The formation began to take shape on the 20th November, while within its consolidation mode of trading.
Technically, there is room for a pop higher, given the over-selling of late. Near-term resistance is eyed at $33.50, the upper part of the descending wedge. A breakout above, could open a return to $40+. Support should be noted at $30.77, which is where the lower trend line can be observed. Should a breach south occur, a fall deep down to $20 territory could come into play.
LTC/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
