Litecoin (LTC) is traded in a wedge that falls with the possibility of a breakout in the coming weeks. The daily chart above for LTC / USD shows that Litecoin (LTC) has almost reached the extension of its movement within the fall wedge against the US dollar (USD) and is now able to test the resistance down. However, before testing downward resistance, it will have to exceed 21 EMA which served as support turned resistance from the start of correction.
MACD profile for the above chart confirms a bullish prospect and the price seems all set to come out at the beginning of September. The price of Litecoin (LTC) has been traded in a series of falling wedges since the beginning of the correction and has now reached a turning point in which there is a trend reversal. The EMA alignment for LTC / USD continues to remain bearish, but the gap between 21 EMA and 50 EMA is rapidly decreasing as the price prepares to escape the wedge.
Volume for LTC / USD also declined steadily since the start of the year Litecoin's (LTC) price fell more than 84% from its record high of $ 360 The overall sentiment of a turnaround for Litecoin (LTC) remains bullish at this point. There is a growing number of people who prefer to use Litecoin (LTC) and Bitcoin Cash (BCH) for most online transactions. The number of users who actually spend Litecoin (LTC) to shop online is still low but is higher than other cryptocurrencies.
A popular Litecoin company (LTC), Litepay has previously ceased operations but should resume as market recovers and people start using cryptocurrencies to buy online. Recent economic crises around the world such as those in Turkey and Iran have convinced more people to turn to cryptocurrencies for greater stability and protection, as governments with bankruptcy policies are no longer trusted by people with their money. Currently, services such as Coinbase and Bitpay accept payments via Bitcoin (BTC), but most people do not want to spend their own Bitcoin (BTC) because it is expensive or because they want to keep it as a store of value.
Litecoin (LTC) seems to have completely touched the bottom with Bitcoin (BTC). The daily chart above for LTC / BTC shows Litecoin (LTC) trading in a fall wedge. The price now has a support line and is ready to exit the falling wedge against Bitcoin (BTC). In addition, the MACD profile shows the price of Litecoin (LTC) due to a massive breakout against Bitcoin (BTC) for the months to come.
VIX profile for LTC / BTC on the above graph also shows several green bars consecutively for the past few weeks that continue to show that the price of Litecoin (LTC) has reached the full extent of its correction against Bitcoin (BTC) and is now due to a reversal in the coming weeks.