LTC Technical Analysis: 16 APR 2025
LTC in a lower-time frame falling wedge pattern. Source: TradingView
General View
Litecoin has begun to show some signs of sustainable bounces after an extended downside move. Price is in the early phases of base-building just beneath a key resistance zone. Meanwhile, as LTC trades within a descending wedge the likelihood of having another upside push remains high. Interestingly, there are early hints of a possible ABCD harmonic pattern developing, which, if confirmed, could support a stronger upside reaction.
On The Upside
It was mentioned in previous reports that LTC needs to climb above the $80 level to unleash a stronger corrective upside round. Price struggled off this resistance, which has kept bulls in check. Now, once again, bulls are lining up for a retest of the $80 level. However, there is some intra-day resistance at 76.20, breaking which would open the upside towards $80.
On The Downside
Until the $80 to $82 zone is cleared, the bias remains cautious. Any new rejection from this region would once again push for profit-taking, exposing the price back to $73.50 to $73.10 levels. This is the first supportive range, meanwhile, any breakdown below would open the level of $68 next.
LTC is about to retest the important resistance level. Source: TradingView
