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litecoin price analysis

Litecoin : Price Analysis, March 29

LTC/USD


Litecoin (LTC) has been consolidating near the highs for the past 13 days. This is a positive sign as it shows that the bulls are not booking profits yet because they anticipate higher levels. The digital currency will extend the recovery if it breaks out and closes (UTC time frame) above $61.9044. Following the breakout, a quick move to $69.2790 is probable.

The upsloping moving averages indicate that the path of least resistance is to the upside. However, the bearish negative divergence on the RSI can play spoilsport.

A breakdown of the uptrend line of the developing wedge pattern is the first sign that momentum is waning. The first support on the downside is the 50-day SMA, below which the  LTC/USD pair can decline to $47.2460. Hence, please keep the stop loss on the remaining long positions at $55.

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