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LTC / USD there may still be hope

  • Litecoin is nursing lower losses in the late part of Friday, down just some 0.20%, but there is a shot of a move higher.
  • LTC / USD price action has formed a descending wedge pattern, which has a room for a breakout to the upside.

Litecoin price seen trading marginally within negative territory, down just some 0.20%, in the latter part of the session. LTC / USD has traded in a choppy manner through the day, swinging between gains and losses, at least as much as 5%, to see those losses swiped by the bears.

LTC / USD price action has formed a descending wedge pattern formation, subject to a breakout to the upside. The formation began to take shape on November 20th, while within its consolidation mode of trading.

Technically, there is room for a higher, given the over-selling of late. Near-term resistance is eyed at $ 33.50, the upper part of the descending wedge. At breakout above, you could open a return to $ 40 +. Support should be noted at $ 30.77, which is where the lower trend line can be observed. Should a breach south occur, a fall deep down to $ 20 territory could come into play.

LTC / USD 4-hour chart

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