The price broke out from the minor descending triangle like expected but managed to maintain above $134.6 over the weekend. This could indicate that the increase seen isn’t corrective like initially expected and that further uptrend continuation could be seen.
- If we’ve seen the completion of the impulsive upward impulse the descending triangle would be its first structure to the downside and the increase which followed its second.
- But if the price continues moving to the upside and exceeds the last week’s high it would indicate the possibility of another impulse wave to the upside before the downturn starts.
- The price needs to hold above $134.6 before another rise.
Litecoin Price Analysis LTC/USD
Last Friday the price of Litecoin has been sitting around $126.6 at its lowest levels but started increasing from there and came up by 9.87% on the next day to around $137 at its highest point.
Over the weekend we have seen some sideways action as the price held above $134.75 but hasn’t come up above Saturday’s high. The price is currently being traded at around $136 with low volatility.
On the hourly chart, you can see that the price of Litecoin decreased in a five-wave manner like projected and came down for another lower low which marked the completion of the descending triangle.
A breakout to the upside from the triangle occurred like expected but I counted this as a corrective move before further downside continuation. Considering that the price held above $134.6 level over the weekend on multiple interactions it could indicate that support is present at those levels which increases the likelihood of another rise.
If we’ve seen the completion of the bullish move on the five-wave impulse last week on the 12th of June the price would now start impulsively moving to the downside which would be its third wave from the starting downward move.
But if the price manages to increase above the last week’s high at $143.7 it could indicate that the bullish momentum hasn’t ended and that we could see further upside movement.
The price of Litecoin is now showing indecision as low volatility has been seen so the next decisive move would dictate further price direction.
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