Litecoin Price Key Highlights
- Litecoin price is currently stuck inside a rising wedge pattern on its 4-hour chart, indicating a slight trend higher with a bit of consolidation.
- Price found resistance at the area of interest around the middle of the wedge and went for a test of support.
Litecoin price bounced off the wedge support and may be in for a stronger climb up to the resistance at $3.400.
Potential Breakout Soon
For now, the 100 SMA is above the 200 SMA, which suggests that the uptrend could carry on. However, stochastic and RSI are both heading down from the overbought zone, reflecting a buildup in bearish pressure.
A downside break below the 200 SMA and wedge support at $3.100-3.150 could signal that further losses are in the cards, potentially taking litecoin price to the previous lows near $2.700.
On the other hand, a surge in bullish momentum could eventually lead to an upside break past the wedge resistance and further gains in price. With the consolidation getting tighter and moving towards the end of the wedge, a short squeeze or a relief rally is bound to take place soon.
Intraday support level – $3.150
Intraday resistance level – $3.300
Charts from TradingView
The post Litecoin Price Technical Analysis – Prime for Another Bounce! appeared first on NEWSBTC.