Litecoin technical analysis: LTC/USD extended falling wedge pattern yields

Litecoin creeps under $60 in spite of technical levels remaining relatively bullish.

Litecoin prevailing bullish bias lacks a catalyst to force a correction above $60.

Spot rate: $58.68

Relative change: +0.8164

Percentage change: 1.41%

Trend: Bullish

Volatility: Expanding

LTC/USD daily chart

The extended falling wedge pattern finally gave way for a breakout that saw Litecoin test $65 resistance level.

The short-term upward movements hindered by the 50-day Simple Moving Average (SMA).

LTC/USD 240’ chart

Litecoin has a short-term bullish bias as buyers push for correction above the $59 level support.

The Relative Strength Index (RSI) gradual slope upwards emphasizes the improving short-term bullish picture.

LTC/USD one-hour chart

The potential for recovery remains as the Moving Average Convergence Divergence (MACD) crosses into the positive territory.

Litecoin stays above the 50 SMA currently at $59.03 and the 100 SMA at $57.04.