Litecoin [LTC] Price Prediction: Price Broke Down From an Ascending Wedge on the 6-Hour Chart
A look at the Weekly chart for Litecoin shows that the price is trading below the minor resistance area near $80.
It is trading above the 100-period moving average but below the 50 period one, which is providing close resistance to the price.
It had made five bullish weekly candles in a row prior to last weeks doji candle.
The closest resistance area is near $80, while the closest support area is near $25.
The RSI is at 56, indicating neither overbought nor oversold conditions, while the MACD has made a bullish cross and is moving upward and is almost positive.
A look at the 3-day shows that the price is trading below the 100 and 200-period moving averages which have made a bearish cross and are offering resistance to the price.
The MACD is into positive territory but seems to be losing strength. It might be ready to make a bearish cross.
Furthermore, there is bearish divergence developing in the RSI.
A look at the Daily chart gives us a trading structure.
We can see that the price has been trading inside an ascending channel for the past 103 days.
Currently, the price is trading very close to the resistance line of the channel.
Also, the chart shows a more pronounced bearish divergence in the RSI.
Furthermore, there is some divergence developing in the MACD, which has made a bearish cross and is moving downward.
However, it is not yet negative.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that the price had been trading inside an ascending wedge.
It broke down from the wedge on March 20.
Furthermore, there is a resistance area near $63 and minor support areas near $59 and $54.
I believe that during the next week the price will continue falling and reach the second support area near $54.
- There is resistance near $80 and support near $28.
- There is a medium-term bearish divergence.
- The price broke down from an ascending wedge.
- There are minor support areas near $59 and $54.
- There is a minor resistance area near $63.
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