Litecoin has not been able to sustain gains towards the market price of $50. However, the crypto coin corrected so fast. It was able to test the support range between the prices of $43 and $44.
There is also a falling wedge pattern that has been witnessed. This new pattern is supposed to boost the jump of Litecoin above the price of $50. It is expected to be seen in the next couple of hours.
Litecoin At The Moment
At the moment, Litecoin is trading at a price of $44.33. This price has been recorded after a minor recovery from the intraday low of $43.93. Litecoin has been creating a lower high as well as a low pattern in the past couple of days. The trend only stopped yesterday.
The falling wedge pattern was created by two trendlines that connected the highs and lows. There is also a breakout from the pattern that has been witnessed today. This has come with a bullish engulfing pattern that has jumped above the hurdles of $47 and $46.
Back To The Wedge Pattern
The gains, however, grew to become unsustainable later on. These forced Litecoin back to the wedge pattern. The price support area between $43 and $44 has been seen coming up as the most formidable and credible support for the coin. But despite all that, the upside price trend has continued to be hampered.
A Keen Look At The Coin’s RSI
The RSI has greatly avoided the levels that are below 30. This has been the case since the latest sharp losses that made Litecoin go deep to the price of $42. This means that the oversold conditions for the coin are still at bay and the price drops might continue in the middle of the hunt for a better bottom.
The gap that exist between the 50- SMA is currently at $45.29 on the one-hour price chart. On the other hand, the 100 SMA is at $46 placing the emphasis on the current presence of the sellers. The only thing that Litecoin is supposed to do right now is to focus on trading above the price of $50.
This is the only way the crypto coin will be able to get out of the bearish range that it has been deeply buried in. it is also a way of getting out of the current falling wedge pattern.
Brief Analysis For Litecoin/USD
The pair of Litecoin and US Dollar has been well on the crypto trading charts. The price ranges from 44.50 to 44.60 on the main charts. Some of the main exchanges trading the coin include Coinbase, Kraken, Bitfinex, Binance, Bitstamp, HitBTC, Okcoin, and Gemini among others.