- Litecoin price gradually forced against the support at $60.00 after a rejection at $62.00.
- A bullish pennant pattern and a long term falling wedge patterns are key ingredients of an impending Litecoin price rally.
Litecoin price is struggling to stay afloat above $60. The attempt on Tuesday focused on breaking the barrier at $62 failed to sail through. Instead, Litecoin settled above $61 before the current bearish momentum forced it towards the critical $60 level.
The hourly chart, shows LTC/USD trading above the moving averages. The widening gap between the 50 SMA and the 100 SMA proposes that the bulls have more influence over the price at the moment. Besides, the 50 SMA is in line to accord Litecoin immediate support while the 100 SMA currently holding the ground at $59.77 will try to stop extended losses under $60.
LTC/USD 1-hour chart
The correction from $62 is just but a setback when Litecoin’s technical levels are considered. The RSI is still holding ground above 50 (indicator’s average). A reversal above 50 is very essential to keeping the price above $60.
In the medium-term and long term, Litecoin is nurturing two possible breakout patterns. The first is a bullish pennant pattern. Trading above this pattern could allow Litecoin to jump upwards in readiness for a tussle with the bears at $64 and $68 resistance zones.
The second pattern is a falling wedge pattern, whose breakout could culminate in a rally that could fly past February highs around $84 and then trend towards the coveted $100. The rally will, however, depend on general sentiments in the crypto market and the right volume that Litecoin attracts.
Litecoin Key Levels
Spot rate: $60.53
Relative change: -0.47
Percentage change: -0.69%
Trend: Short term bearish bias
Support: $60.00, and $55.00
Resistance: $62.00, $64.00, $68.00
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