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Litecoin Price Analysis: Is LTC Preparing for its Breakout from this Pattern? 

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  • Litecoin price is trying to surge towards the upper trendline of the falling wedge pattern over the daily price chart.
  • The crypto asset is trading above 20 EMA and is aiming for 50, 100 and 200-days Daily Moving Average.
  • The pair of LTC/BTC is at 0.002733 BTC with an intraday drop of 2.13%.

Litecoin price is currently trading towards the upper trendline of the falling wedge pattern over the daily price chart. However, the token is sideways and is trying to gather buyers to adapt the uptrend momentum. LTC coin must accumulate more buyers to surpass the 50 and 100-days Daily Moving Average. The token must surge towards the upper trendline of falling wedge pattern to register its breakout from the pattern. LTC investors need to wait until LTC adapts to constant uptrend momentum over the daily price chart.

Litecoin price is presently CMP at $57 and has lost 3.37% of its market capitalization in the last 24-hour period. Trading volume has decreased by 18.86% in the intraday trading session. Bull’s accumulation is low and they must come forward to avoid losing the steady uptrend momentum of the LTC coin. Volume to market cap ratio is 0.1128.

LTC coin price must escape the falling pattern to surge upwards. However, the accumulation is low and the token still needs to attract more buyers in order to successfully escape the pattern. However, gradually falling volume signifies the fall of LTC through the falling wedge pattern over the daily price chart. The token must attract more buyers to let volume surpass the average line over the daily price chart. 

Support on the lower end is at $50 and resistance on the higher side is at $65.

What do Technical Indicators Suggest about LTC?

LTC coin price is trying to move out of the falling wedge pattern over the daily price chart. The token must maintain the uptrend momentum by attracting a significant amount of buyers. However, volume should be gathered back in favor of LTC bulls to let the token surge over the chart. Technical indicators suggest the uptrend momentum of LTC coin. Relative Strength Index showcases the uptrend momentum of LTC coin. RSI is at 50 and struggles to break out of neutrality. MACD exhibits the uptrend momentum of LTC coin. The MACD line is ahead of the signal line and is approaching the positive zone.

Conclusion

Litecoin price is currently trading towards the upper trendline of the falling wedge pattern over the daily price chart. However, the token is sideways and is trying to gather buyers to adapt the uptrend momentum. However, gradually falling volume signifies the fall of LTC through the falling wedge pattern over the daily price chart. The token musta attract more buyers to let volume surpass the average line over the daily price chart. Technical indicators suggest the uptrend momentum of LTC coin.

Technical Levels

Support Levels: $50  

Resistance Levels: $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.  

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