Litecoin Price Analysis: LTC/USD grinds closer to a wedge pattern breakout
- Litecoin price is dealing with increased selling activities, jeopardizing the support at $50.
- LTC/USD downward action likely to continue in the short term; bulls wait for formidable support to launch a massive upward action.
Spot rate: $48.94
Relative change: -1.1222
Percentage change: 2.24%
Trend: Bullish
Volatility: High
LTC/USD daily chart
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Litecoin price advanced from $50.18 but formed an intraday high at $50.75. The selling pressure at $51 intimated the bulls who scattered as the price fell to $49.06 (intraday low). Litecoin needs to move past $49.97, $50.74 and $51.50 to escape the trappings set by the bears. $49.06 is the Fibonacci 38.2% one-day, $50.74 is the pivot point one-week support three and $51.50 is the previous day high. On the downside, support is observed at $48.95: The previous day low and the Bollinger Band 15-mins lower. The second support is seen at $48.43: Pivot Point one-month support one.
A falling wedge pattern hints that a bullish reversal is possible in the near term, However, LTC/USD is likely to continue with the downside action as it seeks a credible support area. Besides, the Elliot Wave Oscillator shows that bears are in control of the price in the current session; situation likely to last the entire day.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
