Litecoin technical analysis: LTC/USD falling wedge pattern hints breakout
- Litecoin stays in range even as bears increase their grip across the board.
- Litecoin is bearish in the short-term especially with the RSI grinding lower.
Spot rate: $54
Relative change: -0.8348
Percentage change: -1.52%
Open: $55.01
High: $55.01
Trend: Bearish
LTC/USD daily chart
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Litecoin is grinding closer to a falling wedge pattern likely to correct the extended downtrend.
The zone at $50-53 becomes a viable support area capable of halting massive declines.
LTC/USD four-hour chart
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The rectangle pattern formed suggests increasing bearish control and a possible fall towards $20.
Litecoin has a bearish bias in the short-term based on the Relative Strength Index (RSI).
LTC/USD one-hour chart
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An ongoing retracement is likely to break the short-term trendline support.
The upside is limited by the 21 Simple Moving Average (SMA) while the downside is supported by the 50 SMA.
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
