- Litecoin price recovery stalls under $60 following a gradual recovery from the support at $55.
- A falling wedge pattern formation confirms a bullish breakout above $60 in the near term.
Spot rate: $58.24
Relative change: 0.5015
Percentage change: 0.92%
Trend: Bullish
Volatility: Low
LTC/USD daily chart
-637187243447696650.png)
Litecoin bulls are intentional with their push for recovery. However, the path of growth is laced with crucial hurdles, starting with the 200-day SMA at $58.95. The 50% Fib level of the last swing high at $87.70 to a swing low of $35.98 at $60 is in line to hinder upward advancement as well. Gains towards $70 will encounter more resistance at the 61.8% Fibo marginally below the 50-day SMA hurdle. On the downside, support continues to be $55.00 and $50.00.
LTC/USD 1-hour chart
-637187244104897003.png)
The wedge pattern confirms a possible breakout above $60 in the short term. Gains above $60 are likely to pave the way for more action towards $70 as long as the hurdle at $65 is cleared.
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