Litecoin price analysis: descending wedge containing price, despite Litecoin core update

Litecoin announce core upgrade
Price contained within descending wedge on H1 timeframe
Resistance seen at $155

Ken Chigbo Independent Analyst

Litecoin team continue to development the cryptocurrency and its back end, announcing Litecoin Core 0.15.1rc1 has been released. They continue to remain focused on adding features exclusive to this cryptocurrency. The Litecoin price has shown little reaction to this positive upgrade from the team.

The market appears to be in pre-decision mode, awaiting the next firm direction, after days of excessive volatility. Litcoin is still around 150% from its record highs, only produced on 19th December 2017 at $370.

Looking technically, on a H1 chart view, the decending wedge pattern is still very much in view, as it contains the price for the time being. Upside resistance continues to hold at $155, a break above here could open doors to come decent movement north. $170, 61.8% Fibonacci, would be the next potential target, support firmly seen at $105.

LTC/USD H1 chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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