Litecoin (LTC) Experiences a Pull Back After Hitting $78

Litecoin, at the time of writing, was seen correcting downwards after facing resistance at a 90-day high price $78 and currently trades at $73. The current price trend of LTC against the US Dollar is giving a mixed signal as it projects about the breakdown of the rising wedge which is aiming at support $65. And, on the other hand, it is aiming towards hitting consequent higher highs as it hits above the major resistance at $75, followed by $80.

However, we see the king of cryptocurrencies- Bitcoin, pulling back after a believable rally it created in the past week. Therefore, we believe in having some influence of the same on the altcoin market as well.

Litecoin (LTC) Experiences a Pull Back After Hitting $78

Litecoin Price Analysis

Litecoin (LTC) Price News

Litecoin’s 4-hourly movement over the past six weeks happens to form a rising wedge and it currently trades at $73.10. This rising wedge seems to be instigated from the market trading price of $62.9 and currently has a candlestick correcting downwards as it is likely to form the last leg of the wedge.

The major altcoins have been dealing in red since yesterday after Bitcoin corrected downwards with a grounded volatile hit. However, as per the 20-day Bollinger Bands laid we do not foresee volatility at present as there happens to be a moderate band width.

The major question that lies is whether LTC/USD will have a break below the forming wedge or continue the anticipated Bull Run.

Technicals

The intraday dip in the price of Litecoin has left support from the 10-day daily MA and approached to the nearest support at 50-day MA, while, the 200-day MA awaits at $61 if we see the former option turning true.

The MACD of LTC holds a bearish crossover as the signal line overrides the MACD line due to downwards correction below $75.

Similarly, the RSI is also seen sliding downwards at $44.85. Based on Litecoin predictions and rising wedge pattern formation, the coin might register breakout soon.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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