Litecoin Technical Analysis: LTC/USD patiently waits for the wedge pattern breakout

• Litecoin is trading sideways above the key support at $42.
• A possible short-term break above the descending channel resistance suggests correction towards $50 is possible.

Spot rate: $43.25

Relative change: -0.2827

Percentage change: 0.7%

Trend: Bullish

Volatility: Low

LTC/USD daily chart

Litecoin is delaying an almost certain falling wedge pattern breakout.

The upside is capped by the 50-day SMA at $52.79 and the 200 SMA 78.15.

LTC/USD 4-hour chart

The Bollinger Band narrowing trend suggests that volatility is low and no rapid movement is expected in the near-term.

The RSI shows that buying pressure is still present and enough to defend key support at $42.

LTC/USD 1-hour chart

Litecoin’s short-term technical picture starts to improves as the MACD changes course toward the positive region.