- Litecoin is on the verge of breaking down to $50 unless a correction is made above $64.
- Rising triangle pattern spells doom for the bulls; the short-term future looks bleak.
Litecoin is exchanging hands at $62.85 following a subtle 0.6% loss on the day. LTC extended the bullish leg to an intraday high of $63.28 but failed to stir action towards $64 (short-term resistance). The cryptocurrency live rates show that Litecoin is subject to a bullish trend amidst expanding volatility.
Looking at the four-hour chart, Litecoin’s struggle to defend $60 support is at its peak. Besides, the price is teetering within a forming rising triangle pattern. The first scenario is for Litecoin to break past the triangle resistance and open the door towards $70. On the other hand, the failure to clear the $64 hurdle coupled with a correction under the trendline support, Litecoin could easily approach $50.
In retrospect, a drop to $50 would not entirely have a negative impact. It is likely to create fresh demand for LTC and form a basis for the end year rally towards $100.
The Relative Strength Index (RSI) shows that the price is oversold in the short-term and a reversal is in the offing. The bulls remain relatively in control according to the Moving Average Convergence Divergence (MACD).
LTC/USD 4-hour chart
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