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  • Litecoin is trading above a long-term descending trendline resistance but $70 hurdle remains unconquered.
  • LYC/USD continues to battle bearish pressure in a bid to stay above $60.

Spot rate: $60.98

Relative change: -0.3774

Percentage change: -0.61%

Trend: Bearish

Volatility: Expanding

LTC/USD daily chart

The formation of a rising wedge pattern means that a breakdown towards $50 is in the offing.

The zone between $46 – $50 remains the key support area able to defend against acute selling pressure.

LTC/USD 4-hour chart

LTC/USD slides under the ascending trendline support but bulls manage to defend $60.00 short-term support.

The MACD shows that the bears are gaining traction with a short term target at $58.

LTC/USD 1-hour chart

The short term trendline support has been tested twice and has the potential to defend $60 support.

The MACD’s bullish cross suggests that bulls are gaining traction in the near-term.