Litecoin technical analysis: A catalyst will help speed up the falling wedge pattern breakout

  • Litecoin mundane trading trend offers little to no trading opportunities.
  • The indecision in the market requires a catalytic boost above the next resistance at $60.

Spot rate: $0.2488

Relative change: 0.001596

Percentage change: 0.65%

Open: $0.2474

High: $0.2500

Low: $2455

Trend: Bearish

Volatility: Shrinking

LTC/USD daily chart

Litecoin lower high price pattern takes precedence with the upside limited by the descending trendline resistance.

The only hope to leave the “crypt” is to break out of the falling wedge pattern whose target is at $80.

LTC/USD 240’ chart

Litecoin price consolidates above the major support in a range between $50 and $55.

The sellers are relatively in charge as signified by the increasing gap between the 50 simple moving average (SMA) and the 100 SMA.

LTC/USD 60’ chart

In spite of the consolidation, Litecoin price is relatively trending upwards above the bullish trendline.

The price is above the SMAs show a bullish momentum in the short-term. However, no rapid movements towards $60 expected in the near-term.

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