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 Price Analysis
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.
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.