Litecoin technical analysis: A catalyst will help speed up the falling wedge pattern breakout

• Litecoin mundane trading trend offers little to no trading opportunities.
• The indecision in the market requires a catalytic boost above the next resistance at $60.

Spot rate: $0.2488

Relative change: 0.001596

Percentage change: 0.65%

Open: $0.2474

High: $0.2500

Low: $2455

Trend: Bearish

Volatility: Shrinking

LTC/USD daily chart

Litecoin lower high price pattern takes precedence with the upside limited by the descending trendline resistance.

The only hope to leave the “crypt” is to break out of the falling wedge pattern whose target is at $80.

LTC/USD 240′ chart

Litecoin price consolidates above the major support in a range between $50 and $55.

The sellers are relatively in charge as signified by the increasing gap between the 50 simple moving average (SMA) and the 100 SMA.

LTC/USD 60′ chart

In spite of the consolidation, Litecoin price is relatively trending upwards above the bullish trendline.

The price is above the SMAs show a bullish momentum in the short-term. However, no rapid movements towards $60 expected in the near-term.