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  • Cryptocurrency sentiment still has not recovered since the fall earlier in the week.
  • Litecoin has made a channel formation on the 30-min chart and is rejecting the top.

 

This descending channel is the consolidation after the massive fall across all cryptos earlier in the week.

Three sessions ago LTC/USD fell just over 16% and is now at the 55.00 area.  

The price is now currently looking to break the pattern higher but the channel resistance has held firm twice.

If we do see a break higher 58.61 could be the next target resistance as it was used to good effect in the past.

57.30 is the area on the volume profile that most contracts have been traded in this chart.

Lastly, the relative strength index (RSI) indicator has just turned positive and a break of the 60 level will show increased momentum.

Litecoin Analysis