Litecoin Poised to Take Action: A Bearish Wedge Breakout Could Rewrite the Trend – Here’s How
According to a recent post by CRYPTOWZRD, Litecoin’s recent daily close showed signs of indecision, reflecting a pause in market momentum. However, attention is now shifting to the LTC/BTC pair, which appears to be on the verge of a falling wedge breakout. This is a technical setup that, once confirmed, could pave the way for a strong upward movement in Litecoin price.
A falling wedge pattern indicates that a breakout is imminent.
CRYPTOWZRD further expanded his analysis, noting that both LTC and LTCBTC ended the day with indecisive daily candles, marking a period of market uncertainty and hesitation among traders. Despite the lack of clear direction at the daily close, the current chart structure still holds promising potential for a bullish move if the key technical pattern confirms a breakout signal.
According to analysts, the LTCBTC pair continues to hold its position within a falling wedge formation. CRYPTOWZRD believes that a decisive breakout of this wedge could occur within the next week, which could spur new upward momentum in Litecoin’s price action.
If this bullish scenario plays out as expected, Litecoin could push towards the $140 resistance area and post a significant bounce from its current position. This level remains an important target for traders looking to confirm a continued upward trend. However, he warned that failure to maintain momentum could delay the move, with $112 becoming key daily support.
CRYPTOWZRD said it will also focus on short-term chart development, particularly intraday setups, which can provide scalp trading opportunities while waiting for a larger breakout to unfold.
Litecoin’s direction depends on key supports and resistances
The analyst explained that a move above the $123 resistance level on the intraday chart would signal a clear shift into bullish territory. This breakout could open the door to further upward momentum and attract new buying interest from traders hoping for a continued upward move in Litecoin.
According to CRYPTOWZRD, if the price closes firmly above $123, his focus will shift to a long position with the initial target set at the $134 resistance level. This area serves as a primary target for near-term bulls as it can confirm Litecoin’s ability to maintain its recent momentum and build a stronger bullish structure on lower periods.
However, the analyst also warned that a decline below $115.50 would shift market sentiment back into bearish territory. For now, he emphasized that it is important to wait for the market to reveal its next move, as confirmation of the price action will determine whether Litecoin continues to rise or faces another consolidation round.
