Litecoin’s bulls must take these steps to negate this pattern
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Unable to find a clear direction despite Bitcoin’s ascent, Litecoin remained gridlocked within a descending triangle setup. While the pattern normally observes a breakdown, LTC’s outcome is not yet clear.
The altcoin was trading above its near-term SMAs and its indicators took a neutral approach. In order to pinpoint LTC’s trajectory, the price needs to close above or below certain key areas on the chart.
At the time of writing, Litecoin was trading at $195, up by 0.6% over the last 24 hours.
Source: LTC/USD. TradingView
Three successive lower highs at $215, $200, and $197 highlighted a downtrend for LTC after a 16%
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