Litecoin Price Analysis: This is what LTC/USD needs to surge past $70 and $80 resistances

• Litecoin price break above a falling wedge pattern loses steam due to increased selling action under $65.
• LTC/USD nurtures a possible symmetrical triangle breakout likely to catapult it above $65 and $70 levels.

Spot rate: $61.80

Relative change: -0.2556

Percentage change: -0.32%

Trend: Bullish

Volatility: Expanding

LTC/USD daily chart

Litecoin price is settled comfortably above the support at $60. The stability followed a correction from lower support at $55. LTC/USD is also trading above a short term falling wedge pattern. The crypto needs to attract a huge volume and a sentimental change towards it in order to utilize the impact of the pattern’s break and pull the price above the hurdle at $70 in preparation for another attack on $80.

For now, technical indicators such as the RSI and the MACD hint that sideways trading is the most probable direction for LTC/USD.

LTC/USD 1-hour chart

Litecoin price is trading almost in the apex of a symmetrical triangle. The bulls need to focus on breaking above the resistance at $65. This coupled with a break above the triangle as well as a higher volume, could LTC/USD easily sail above the two key resistance zones at $70 and $80. Meanwhile, short term analysis using the Elliot Wave Oscillator hints that selling pressure could continue, and even force  LTC towards the support at $60.