The LTC/USD pair looks currently trapped in a falling wedge pattern with a $7 price margin. The wedge is contained within an upper limit capped at $49 attained on June 2, 17:30 hours UTC and the lower price level at $42 which was recently touched on June 11, 21:30 hours UTC.
Although the general market sentiment looks bearish from the falling wedge point of view, prices seem closer to the upper limit of the pattern. This set up of indications may give the bulls an advantage to break out of the wedge at the $46.04 resistance level.
In the event that a breakout of the $46 resistance occurs, immediate resistance looks minor at the very top of the Bollinger band. Price may move to test and even overcome a minor hurdle at the $48 mark before setting a voyage towards $50.
At present, LTC/USD is currently changing hands at $44.59 with a $2.11 billion 24-hour volume. Its Market is currently capped at $2.90 billion.
LTC/USD Price Chart
The buyers are currently converging to break the major resistance at $45. This important level coincides with the midline moving average of the Bollinger band altogether exerting friction enough to keep prices temporarily trading below the level.
The level is key to watch as if the buyers succeed here, then a $50 run is imminent.
In the likely event that the bears manage a market takeover, prices may be dragged back downwards.
At the point, there is a free ride to the next support at $42 before eventually striking the bottom of the Bollinger indicator at $41. Below this, although unlikely in the short term, the price will test support at $39.
The Resistance Strength Index (RSI) has just returned from the overbought condition at 30.0.
It would appear that as buying pressure pushed the price upwards, sellers took turns but were immediately surprised with a counter-attack. Bouncing off the 40.0 RSI level, the market is aiming towards the midline at 50, a bullish ride for a short time.