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Why Litecoin (LTC) Could Witness A 24% Drop, and Can It Be avoided?

A rising wedge pattern governs the ongoing recovery in the LTC/USDT pair. Following this pattern, altcoin surged 63% and formed a local top at the $64.5 mark. However, the very nature of this pattern is to resume the prevailing downtrend once the price breaches its rising support trendline.

Key points from LTC analysis: 

  • The LTC price nearing the apex of the wedge pattern may soon lead to a breakout action
  • The 20-and-50-day EMA flipped into a viable support 
  • The intraday trading volume in the Litecoin coin is $537.6 Million, indicating a 21.6% gain.

On August 15th, the LTC price turned down from the combined resistance of resistance trendline and 100-day EMA to trigger another bear cycle.

The bearish reversal from this pattern plunged the LTC price by 8.57%, where it retested the pattern’s support trendline. Furthermore, the ascending trendline aligned with the 20-day EMA reverted the price higher to maintain this recovery.

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 17.08.2022

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