Over the last week, Litecoin (LTC) price has lost 25% of its value dropping from around $80 to $55. Since then a falling wedge has formed stemming from the highs. It’s likely short-term price action will see bearish relief and continue to range within the wedge parameters.
Litecoin 1-Day Analysis
On the 1 Day chart for LTC/USD we can see a falling wedge has formed stemming from the yearly high around $145 as shown in my previous analysis, Since then price levels have now dropped to the current market price of $55 around the important 23% Fibonacci level. The 200 EMA has cut through the falling wedge resistance line and will now act as a magnet causing price action to bounce around $55 up towards the resistance around $60 over the short-term.
Volume has begun to uptick over the last 24-48 hours as price levels near the bottom of the falling wedge. RSI has clearly turned oversold and signals selling pressure is well in control. Key support levels to look out for if price levels break below the wedge support at $55 are $50, $43,…