- Litecoin price is unable to break past the barrier at $80 despite the bullish action from lows under 40 in January.
- Litecoin stares into a possible rising wedge pattern breakdown especially if the resistance at $80 is not cleared soon.
Spot rate: $73.91
Relative change: -2.65
Percentage change: -3.75%
Trend: Bearish
Volatility: Shrinking
LTC/USD daily chart
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Litecoin bulls work hard to defend the support at $75 in a bid to launch XRP in the direction of $80 and $100, respectively.
Technical levels have remained bullishly intact following the positive price action over the weekend, The RSU is sitting within the overbought (no signs of retreat) while the moving average gap is narrowing in support of the continued bullish trend.
LTC/USD 4-hour chart
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On the other hand, a long term view shows the formation of a rising wedge pattern whose impact could trim most of the gains achieved over the last two months.
For now, the 50 SMA is providing immediate support while the 200 SMA will try to defend LTC against dips below $65.
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