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Price analysis of Litecoin: LTC / USD there may still be hope

  • Litecoin is suffering smaller losses in the final part of Friday, down only about 0.20%, but there is still a shot of a higher move.
  • The LTC / USD price action has formed a descending wedge model, which has room for an upward breakout.

The price of Litecoin was seen marginally in negative territory, down by around 0.20%, in the last part of the session. LTC / USD traded erratically during the day, oscillating between gains and losses, to a point rising to 5%, to see those losses swept by bears.

The LTC / USD price action has formed a downward wedge model formation, subject to an upward rupture. The training began to take shape on November 20th, while it was within its consolidation method of trading.

Technically, there is room for a higher pop, given the over-sale of delay. The short-term resistance is $ 33.50, the upper part of the descending wedge. A breakout above, could open a return to $ 40 +. Support should be noted at $ 30.77, which is where the lowest trend line can be observed. If a violation occurs in the south, a fall in depth of up to $ 20 could come into play.

4-hour LTC / USD chart

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