Litecoin Price Analysis: LTC/USD slows down bullish action despite wedge pattern breakout

• Litecoin bulls hold on to the mantle in spite of the rejection at $75.
• Litecoin higher high and lower high pattern narrows into a rising wedge pattern; signaling a possible breakdown.

Spot rate: $69.45

Relative change: -0.3882

Percentage change: -0.56

Trend: Short term bullish bias

Volatility: Shrinking

LTC/USD daily chart

Following the incredible recovery from lows traded in December, Litecoin pushed for a massive breakout above a falling wedge pattern.

The narrowing gap between the 200SMA and the 50 SMA hints that technicals could continue to align for another massive breakout towards $100.

LTC/USD 4-hour chart

Short term analysis suggests unless the resistance at $75 is broken, a reversal could be imminent.

The 50 SMA at $65 and the 100 SMA at 54.67 are in line to stop declines in the case a reversal ensues.