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

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  • 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.

 

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