Home Litecoin technical analysis: LTC/USD falling wedge pattern hints breakout
Crypto News

Litecoin technical analysis: LTC/USD falling wedge pattern hints breakout

  • Litecoin stays in range even as bears increase their grip across the board.
  • Litecoin is bearish in the short-term especially with the RSI grinding lower.

Spot rate: $54

Relative change: -0.8348

Percentage change: -1.52%

Open: $55.01

High: $55.01

Trend: Bearish

LTC/USD daily chart

Litecoin is grinding closer to a falling wedge pattern likely to correct the extended downtrend.

The zone at $50-53 becomes a viable support area capable of halting massive declines.

LTC/USD four-hour chart

The rectangle pattern formed suggests increasing bearish control and a possible fall towards $20.

Litecoin has a bearish bias in the short-term based on the Relative Strength Index (RSI).

LTC/USD one-hour chart

An ongoing retracement is likely to break the short-term trendline support.

The upside is limited by the 21 Simple Moving Average (SMA) while the downside is supported by the 50 SMA.

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.