- March 12, 2020
- Posted by: icoblock
- Category: Uncategorized
- Litecoin trades around the lower boundary of a falling wedge pattern and might find support here.
- Against Bitcoin, Litecoin continued to lose momentum after facing strong resistance around 0.006375 BTC earlier today and getting rejected.
- If the price drops below the immediate support, a further decline may develop from this point.
LTC/USD: Litecoin Remain Trapped In a Wedge
Key Resistance Levels: $50.6, $56 | Key Support Levels: $45, $42
Following the latest price actions, Litecoin is facing a lot of selling pressure against the US Dollar. The selloff is now reaching the lower boundary of the wedge, which started to generate bearish pressure since February. In this price area, there’s also the key support around $45.
After losing 7% in the past few hours, Litecoin is trading above $46 at the time of this writing. Despite that, Litecoin maintains the 7th position on the top cryptos by market cap.
Litecoin-USD Price Prediction
Technically, Litecoin is trading in a downward slope, the wedge boundary might provide decent support here.
If Litecoin finds support on the wedge’s lower boundary, the possible levels for a retracement are $50.6 and $56 resistance, marked yellow on the 4-hour chart. From below, if the wedge breaks down, the next support to watch here is $42.
At the moment, the technical indicators are swinging in their lowest zones to show that sellers are still present in the market, still under bearish conditions.
LTC/BTC: Litecoin Is Selling At 0.0060 BTC Level
Just like the USD pair, Litecoin has the same bearish pattern against Bitcoin. Though the latest price drop is a continuation of the short-term bearish correction that initiated a few weeks back.
This price action could turn to a reversal if Litecoin breaks below the yearly low. But if it finds support upon the wedge, Litecoin could start a short-term bullish momentum.
As of now, there’s no sign for a positive move. Meanwhile, the price is still down by 4.5% on the daily. Currently, LTC is trading at a crucial level of 0.0060 BTC.
Litecoin-BTC Short-Term Price Prediction
If the price drops below the near support level, especially below the falling wedge, Litecoin is most likely to selloff straight to 0.0058 BTC and perhaps 0.0056 BTC support.
A quick rebound from the wedge’s support might produce a mild gain to 0.006375 BTC and potentially 0.006634 BTC resistances, which is marked yellow on the price chart. Litecoin is expected to gain more momentum if these price levels break. Litecoin is currently bearish on the short-term technical indicators due to the recent price drops.
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