- LTC coin price chart shows the 100 EMA and 200 EMA are on the verge of giving a bearish crossover
- The LTC/BTC pair was trading at 0.003728 BTC with a loss of 2.89%
- The 24 hr trading volume in LTC coins is $1.2 billion
The LTC coin shows a formation of a descending triangle pattern in the daily time frame. The price is currently present at the key support of this pattern, i.e., $117. This support is quite crucial for the LTC coin itself, as the price had bounced exactly from level after the bloodbath in May and June. Therefore, if the price could give a decisive breakout from this support, investors may observe another wave of a bear attack in the LTC coin.
The EMA line indicates the LTC coin is in a definite bearish trend as the price is trading below all the critical EMA 20,50,100 and 200. In which the 20 EMA acts as an excellent dynamic resistance for the price. In addition, the chart also shows that 100 and 200 EMA are on the verge of giving a bearish crossover, attracting more sellers into the market.
The RSI (BEARISH) value is at 30, indicating a bearish sentiment in the market.
LTC Coin Shows A Falling Wedge pattern
LTC coin price is resonating in a falling wedge pattern in the 4hr time frame. This pattern usually gives an upside breakout, suggesting the price might take another support from the $117 support before giving a breakdown from the pattern. Therefore traders must wait for a proper breakout from the support before entering the market.
The MACD indicator (BEARISH) shows that both the MACD line and the signal line move below the neutral zone(0.00), indicating bearish momentum in the market. Although these lines have given a bullish crossover, the faded green bars in the histogram suggest weakness in the bull’s side.
Conclusion: From the technical perspective, the overall trend in LTC coin is strongly bearish. And as mentioned above, the price is showing another bearish pattern, i.e., a descending triangle. If the price maintains to give a substantial breakdown and shows sustainability below the $117 mark, it would trigger an excellent short opportunity for LTC traders, providing a one-two traditional pivot level target of the 4hr time frame chart.