Litecoin’s rising wedge continues to break downwards, $34 soon
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Litecoin’s rising wedge continues to break downwards, $34 soon

March 30, 2020      Nick Leeson

Litecoin, as mentioned in the earlier articles was forming a rising wedge, and this pattern has continued with similar levels of support and resistance. However, there is one important level that LTC has managed to invalidate. This has caused the coin’s short term fate to be sealed.

With 1 LTC being traded at $37, the market cap comes up to $2.54 billion. However, the 24-hour trading volume $2.94 billion with a 24-hour price up by 1.2%.

  • The rising wedge pattern continues while the bearish continues to mount.
  • Targets for LTC include $32.27, followed by $29.10. Depending on the bearish pressure present, these targets will be achieved.
  • The death cross nears formation and adds to the already bearish scenario.

Litecoin’s 60-Minute

Source: Trading View.

The price of Litecoin has breached the POC produced by the VPVR indicator for the available range [February 17 to present date]. This would mean the bears are stronger and in control. The immediate support as shown by the VPVR indicator is $36.88, which the price has already managed to bounce off of.

Further, bearish pressure would take the coin to support at $34. Once this level is breached, the support levels are as mentioned in the previous article.

“f the bearish pressure continues, there might be a breakout, causing a dip further down to the next immediate support of $32.27, followed by $29.10.”

Moreover, the death cross is nearing as the moving averages strut towards each other. For time being, the RSI has managed to bounce from the oversold zone and is now at 42-mark, very close to the neutral zone.

Depending on how the king coin performs, the price of Litecoin will promptly follow the direction and this is mainly due to the correlation between them. It could be extremely bearish for Litecoin if bitcoin starts to sink lower with the equities as it did a few weeks ago.

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Nick Leeson
Nick Leeson

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.