- Litecoin price has been caged inside the falling wedge pattern over the daily price chart.
- LTC crypto is trading at 20 EMA and is still behind 50, 100 and 200-days Daily Moving Average.
- The pair of LTC/BTC is at 0.002416 BTC with an intraday drop of 1.69%.
Over the daily price chart, the price of Litecoin has been decreasing into a falling wedge. LTC bulls attempted to break out of the falling pattern but were unable to persist at its upper trendline. With consistent rising momentum, the token is once more moving toward the upper trendline. Bulls must gather themselves this time around in order to record the breakout of the token. Bears are also attempting to reverse the momentum of the token’s uptrend by attempting to push LTC back towards the lower trendline. For the token to breakout, LTC investors must wait until LTC bulls maintain their position at the edge of the upper trendline.
The current CMP price of Litecoin is $51.76 and during the past 24 hours, it has increased 2.96% of its market capitalization. The intraday trading session saw a 47.34% rise in trade volume. Bulls must advance because their stockpile is minimal in order to maintain the constant rising momentum of the LTC coin. The market cap to volume ratio is 0.1595.
The price of LTC is attempting to break out of its downward trend on the daily price chart. However, bulls’ accumulation is not up to the mark, and they must increase their own accumulation in order for LTC to skyrocket. However, the volume shift is below average and must increase in favor of bulls for LTC to successfully break out of the pattern. LTC crypto is trading at 20 EMA and is still behind 50, 100 and 200-days Daily Moving Average.
Support on the lower end is at $48.00 and resistance on the higher side is at $60.00.
LTC bulls’ accumulation succeeds or it fails?
On the daily price chart, the LTC coin price is attempting to climb toward the upper trendline. Inside the collapsing wedge, the token is attempting to recover. To break out of the downward pattern, the token needs to build up bulls. Technical indicators suggest the downtrend momentum of LTC.
Relative Strength Index showcases the bearish momentum of LTC. RSI is at 45 and is below neutrality heading towards oversold territory. MACD exhibits the sideways momentum of the LTC coin. The MACD line is ahead of the signal line with a minor difference. LTC investors need to wait for any directional change over the daily price chart.
Conclusion
Over the daily price chart, the price of Litecoin has been decreasing into a falling wedge. LTC bulls attempted to break out of the falling pattern but were unable to persist at its upper trendline. With consistent rising momentum, the token is once more moving toward the upper trendline. Bulls must gather themselves this time around in order to record the breakout of the token. However, the volume shift is below average and must increase in favor of bulls for LTC to successfully break out of the pattern. Technical indicators suggest the downtrend momentum of LTC.
LTC investors need to wait for any directional change over the daily price chart.
Technical Levels
Support Levels: $48 and $40
Resistance Levels: $60 and $65
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.