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LTC Technical Analysis: Sellers At $60 Continue To Hold The Fort

LTC Technical Analysis: Sellers At $60 Continue To Hold The Fort


Cryptoknowmics
2022-09-03 10:15:23
LTC Technical Analysis: Sellers At $60 Continue To Hold The Fort

LTC technical analysis shows a bullish breakout rally struggling to rise above the overhead resistance of $60. Should you expect a bearish reversal? Litecoin price jumps for the second straight day, despite a volatile crypto market condition. LTC hovers at $60 for the past two sessions struggling to beat the overhead sellers. Bulls managed to take control from the lows of $52.0 and made a corrective pullback in today’s session from the highs of $60. Key Points: The LTC price action reflects a bullish breakout of a falling wedge pattern. The bullish reversal beats the 50-day SMA. With a market cap of $4.30 billion, the intraday trading volume of Litecoin has increased by 43% to reach $809 million. Source – TradingView LTC Technical Analysis LTC prices break above the falling wedge in the daily chart and the overhead resistance of the $60 mark. However, the higher price rejection in the daily candle contains further bullish growth and warns of a bearish reversal. The bullish breakout candle with the increased trading volume represented increased bullish support, but the higher price rejection candle sabotages the buyers. Hence, sideline traders waiting for a breakout entry opportunity must wait for the price action confirmation to avoid a bearish reversal. If the LTC price closes above the session’s high, we can expect the current bullish sentiment to stay. In that case, the first upside target would be the high of August 14 at ...

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