Litecoin Price to Reverse all Weekly Gains?

Key Highlights

  • Litecoin price blasted higher this past week to trade near $3.82 where the upside was stalled.
  • It looks like the stated area is turning out to be a major resistance area and may ignite a reversal in the near term.
  • A contracting triangle pattern is formed on the hourly chart (price feed from HitBTC), which looks set for a break lower.

Litecoin price may break down and reverse all the recent gains, as buyers are struggling to clear the $3.80 resistance area.

$3.58 as Support

We highlighted in one of the past week’s analyses that there was a nice upside reaction in Litecoin price as buyers managed to break the shackles and took the price higher. The upside was stopped near $3.83, and thereafter the price started to consolidate in a range. However, it looks like the price is struggling and forming a downside bias in the near term. There is a contracting triangle pattern formed on the hourly chart (price feed from HitBTC), which can be also seen as a pattern that can ignite a break lower.

Litecoin Price chartLitecoin Price chart

There were many attempts to

Read more ... source: NewsBTC USA