Litecoin Price Analysis: LTC Declining through a Falling Wedge, When Will it Breakout?

  • Litecoin price is declining through a falling wedge pattern over the daily price chart.
  • The crypto asset has recovered above 20 EMA and is preparing for 50, 100 and 200-days Daily Moving Average.
  • The pair of LTC/BTC is at 0.002697 BTC with an intraday gain of 6.25%.

Litecoin price has been declining through a falling wedge over the daily price chart. LTC bulls tried to escape the falling pattern but failed to sustain at the upper trendline of the falling pattern. The token is heading towards the upper trendline again with steady uptrend momentum. This time bulls must accumulate themselves to register the token’s breakout. Meanwhile, bears are also trying to interrupt the token’s uptrend momentum and they are trying to pull LTC back towards the lower trendline. LTC investors need to wait until LTC bulls sustain at the verge of upper trendline to register the token’s breakout.

Litecoin price is presently CMP at $55 and has gained 8.63% of its market capitalization in the last 24-hour period. Trading volume has increased by 7.10% in the intraday trading session. Bull’s accumulation is low and they must come forward to avoid losing the steady uptrend momentum of the LTC coin. Volume to market cap ratio is 0.1656.

LTC coin price is trying to escape the falling pattern over the daily price chart. However, accumulation of bulls is not upto the mark and they need to accumulate themselves at a significant rate to let LTC surge. Whereas, volume change can be seen below average and needs to grow in favor of bulls to let LTC successfully escape the pattern. 

Support on the lower end is at $45 and resistance on the higher side is at $65.

What do Technical Indicators Suggest about LTC? 

LTC coin price is trying to surge towards the upper trendline over the daily price chart. The token is trying to recover inside the falling wedge. The token must accumulate bulls to register its breakout from the falling pattern. Technical indicators suggest the recovery phase of LTC over the daily chart. Relative Strength Index showcases that LTC is trying to break out from neutrality. RSI is at 47 and LTC investors can expect any directional change as soon as RSI crosses neutrality. 

MACD exhibits the uptrend momentum of LTC coin. The MACD line is ahead of the signal line after a positive crossover. 

Conclusion   

Litecoin price has been declining through a falling wedge over the daily price chart. LTC bulls tried to escape the falling pattern but failed to sustain at the upper trendline of the falling pattern. The token is heading towards the upper trendline again with steady uptrend momentum. Volume change can be seen below average and needs to grow in favor of bulls to let LTC successfully escape the pattern. Technical indicators suggest the recovery phase of LTC over the daily chart. RSI is at 47 and LTC investors can expect any directional change as soon as RSI crosses neutrality. 

Technical Levels
Support Levels: $45 and $40 

Resistance Levels: $65 and $70

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.