Litecoin has broken the current bearish downtrend pattern after a month-long pull-back saw price levels drop around 50%. The question remains as to whether LTC and other altcoins will begin to rally higher or continue to create lower lows over the coming weeks.
Litecoin Price Analysis Daily Chart
On the Daily LTC/BTC chart we can see the most recent breakout ending the downtrend stemmed from the highs in early June at around 0.018 sats. Litecoin volume has been trading very high throughout during the recent pull-back which formed a falling wedge, in comparison to the price action throughout March and April which saw market price trading much higher than what we see currently.
The MACD has begun arcing back up towards the signal line with fresh buying volume appearing on the histogram. POC (Point of Control) is still surprisingly high, currently sitting around 50% higher than the current market price. This is a good indication that a swift move to the upside could play out over the coming days. This, of course, will largely…