LTC/USD bulls look forward to the wedge pattern breakout

  • Litecoin defends $40 support as the focus stays on $60 following a relatively bullish session.

  • The price is dancing between the 50 SMA support and the 200 SMA resistance in the 4-hour timeframe.
  • Spot rate: $41.82

Relative change: -0.1296

Percentage change: -0.31%

Trend: Bullish

Volatility: Low

LTC/USD daily chart

Litecoin is knocking on the falling wedge pattern resistance while hunting for the breakout targeting the $60 supply zone.

The RSI 45 has sustained an upward movement from lows around 22.66. The break above 50 will cement the bulls’ presence in the market.

LTC/USD 4-hour chart

The bulls have no choice but to guard $40 support at all cost or else Litecoin could break short-term triangle pattern, refreshing lows around $30.

The MACD shows that the bulls have more influence over the bears. The traction the MACD makes above the mean line, the more Litecoin’s potential of trading above $50 increases.