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
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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
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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.
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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.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
