- Analyst CryptoFaibik pointed out on Twitter today that a falling wedge pattern on LTC’s 1-hour chart is still in play 23 days before the halving.
- At press time, LTC was worth $93.32 after a more than 3% price decrease.
- In addition to the falling wedge on the one-hour chart, a positive trend line was present on LTC’s daily chart.
The crypto analyst CryptoFaibik shared on Twitter earlier today that, on the low timeframe (LTF) chart for Litecoin (LTC), a falling wedge pattern appeared to still be in play. This may result in a significant bullish move if the pattern is validated. Furthermore, the analyst pointed out that the LTC halving event is only 23 days away.
Despite the approaching halving, CoinMarketCap indicated that LTC’s price saw a more than 3% decrease over the past 24 hours of trading. This left the altcoin trading hands at $93.32 at press time. As a result, LTC was trading just above its daily low of $93.20.
LTC’s 24-hour loss also ended up pushing its weekly performance even further into the red to -16.70%. In addition, the crypto’s 24-hour trading volume stood at around $572,566,523 after it experienced a more than 40% rise throughout the past day.
Its market cap of $6,842,802,882 meant that LTC was ranked as the 11th biggest cryptocurrency in terms of market capitalization. This came after Tron (TRX) surpassed LTC as the 10th biggest crypto with its market cap of $6,907,189,252.
A positive trend line was present on LTC’s daily chart after the crypto printed two higher lows over the past few weeks. The first low was posted on 20 June 2023 when LTC set a low of $75.73. Thereafter, LTC established a higher low at $82.94 on 29 June 2023.
Should LTC’s price close today and tomorrow’s daily candles above the support level at $92.37, then it may result in another higher low being recorded. If this is the case, LTC’s price may look to challenge the resistance level at $100 in the next 48 hours.
A break above $100 will clear a path for LTC’s price to rise to the next resistance level at $109.25 in the following week. This bullish thesis will be invalidated, however, if the crypto’s price closes a daily candle below the aforementioned $92.37 support level over the next 48 hours. In this scenario, LTC may drop to $85.
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