The crypto analysts are wondering what is litecoin doing to foster the support at $60.00 after the price rejection of $62.00 as it can be seen in the litecoin news where the bullish pattern and the long term falling wedge patterns are the main elements of an impending Litecoin price rally.
The Litecoin price is having a hard time staying above the $60 price region and the small attempt from a few days ago focused on breaking the barrier at $62 but failed to go further. Litecoin instead, settled above the before the bearish momentum which spiked the price to move towards the level.
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The hourly charts also show that the LTC/USD pair was trading above the moving averages and the gap between the 50 SMA and the 100 SMA shows that the bulls have a little bit bigger influence over the price right now. The 50 SMA is correlated with the LTC immediate support while the 100 SMA holds the level at $59.77 which will try to stop the losses under $60.
The correction from the $62 price level poses a minor disadvantage when the technical levels of Litecoin are considered. The RSI is still holding strong above the 50 average while the reversal above 50 is much needed to keep the price above $60. In the long-term and in the medium-term, there are two possible breakout patterns one of which is the bullish pennant pattern. The analysts wonder what is Litecoin doing to allow this pattern to boost the price upwards in the steady level for a possible fight with the bears at $64 and $68 resistance zones.
The second pattern is forming a falling wedge pattern whose breakout could spike a rally that will go over the highs of February around $84 and then close to the coveted $100. The price rally could really depend on the general sentiments in the crypto market and the volume that Litecoin will attract. In addition to the fact that Litecoin is bearish, zooming out and looking at the price action for the past few days and the trading period can show how much volatility LTC has been incurring. As the Litecoin news now show, the price is now trading below the 9-day and 21-day moving averages and is about to break through the lower boundary of the channel.
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