Litecoin Price Technical Analysis – Bouncing Off Rising Wedge

Litecoin Price Key Highlights

  • Litecoin price is still sitting at the bottom of the rising wedge but could be in for a pickup in bullish pressure soon.
  • Support at the 200 SMA has kept losses in check and might continue to do so.

Litecoin price might be aiming for the top of the wedge near the 3.400 mark, pending a pickup in upside momentum.

Next Barrier at 100 SMA

The 100 SMA appears to be holding as resistance for the time being, although it is still above the longer-term 200 SMA so the uptrend could stay intact. In addition, litecoin price is also stalling around a former short-term support zone, which might contain a few sell orders.

Breaking past that area could take litecoin price up to the top of the wedge but if it continues to hold as resistance, sellers might decide to hop in and trigger a downside break of support at 3.150.

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Stochastic is already moving down from the overbought zone, which signals a buildup in selling pressure. Meanwhile, RSI is starting to point down, also suggesting that further downside might be seen.

In terms of event risks for the US dollar, only the initial jobless claims and existing home sales reports are lined up today. Speeches from Fed officials hint that the central bank might still be able to tighten monetary policy before the end of the year and any kind of confirmation might spur dollar strength.

Intraday support level – 3.150

Intraday resistance level – 3.250

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