FX.co ★ Litecoin: bullish pattern activated

Litecoin rallied in the short term reaching 99.60. Now, it has retreated a little and is trading at 93.67 at the time of writing. Technically, the price action signaled that the correction ended and that the buyers could take it higher.

LTC/USD increased by 13.97% from last Monday's low of 87.39 to 99.60 yesterday's high. In the last 24 hours, the altcoin dropped by 0.87% but it's still up by 5.14% in the last 7 days.

LTC/USD Sell-Off Ended!

LTC/USD rallied after escaping from the Falling Wedge pattern signaling a new leg higher. After its amazing rally, the price retreated a little and now it tries to stabilize above the 50% (93.08) retracement level.

The former high of 96.44 represents a static resistance. Litecoin registered a false breakout with great separation through this obstacle, that's why a temporary retreat was natural.

LTC/USD Prediction!

In my opinion, as long as it stays above 61.8% (87.90), the altcoin could jump higher. Jumping and stabilizing above 96.44 should announce a larger growth.