According to the recent post By Cryptowzrd, the latest daily closing of Litecoin showed signs of indecision, reflecting the pause on the market. However, now the attention is changing to a pair of LTC/BTC, which seems to be on the edge of a falling wedge – a technical configuration that can pave the path of powerful movement at the price of Litecoin after confirmation.
Falling pattern pattern signals
Further extension of its analysis, Cryptowzrd, noticed that both LTC and LTCBTC ended the day with undecided daily candles, marking a period of market uncertainty and fluctuations among traders. Despite the lack of a glowing direction in the daily closure, the current structure of the chart still has a promising potential of the movement stubborn, provided that the key technical patterns are confirmed by their groundbreaking signals.
According to the analyst, the LTCBTC pair still maintains its position as part of the falling wedge. Cryptowzrd believes that the decisive break from this wedge may take place in the coming week, which can catalyze the renovated rush in the Litecoin price.
If this stubborn scenario takes place as expected, Litecoin could see the emphasis on the resistance zone of USD 140, meaning a significant reflection from the current position. This level remains an essential goal of traders who are looking for confirmation of the lasting passage of growth. He warned, however, that the lack of momentum could delay traffic, and 112 USD serves as the main daily support.
Cryptowzrd also revealed that its focus would remain on brief -term development charts, especially in the end -held configurations, which could offer the possibilities of scalp trade while waiting for a larger breakthrough.
The Litecoin direction depends on key support and resistance
The analyst explained that the movement above the resistance level 123 USD on the end -up chart signaled a clear shift on the stubborn territory. Such a breakthrough can open the door to a further growth pace and attract re -purchasing interest on traders who expect the continuation of the Litecoin movement up.
According to Cryptowzrd, when the price provides a solid closure above 123 USD, its focus will go to long positions, with the initial target set at the resistance level of USD 134. This area serves as a key purpose of brief -term bulls, because it can confirm Litecoin’s ability to maintain the last momentum and build a stronger stubborn structure in the lower time frames.
However, the analyst also warned that a decrease below USD 115.50 will change market moods back into the bear’s territory. For now, he emphasized the importance of waiting for the market to reveal its next move, because confirmation of the price action determines whether Litecoin will continue or whether it would be sentenced to the next round of consolidation.
