LTCUSD Price Technical Analysis – Bouncing Off Wedge Support

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LTCUSD Price Key Highlights

  • LTCUSD price has been gradually trending higher on the 4-hour chart, moving inside a rising wedge formation.
  • Price stalled around the middle of the wedge and made a quick bounce off support at $3.135.

LTCUSD price could be in for more gains until the wedge resistance, as the bounce off support could draw more buyers back to the table.

Resistance at $3.400?

If LTCUSD price is able to resume its climb, it could head back to the wedge resistance near the $3.400 major psychological level. This is still likely to keep gains in check, as plenty of sell orders or take-profit levels might be located in that area.

However, a breakout in either direction could indicate whether bulls or bears are gaining traction. Support at $3.100 could be the line in the sand in terms of an uptrend bounce while resistance at $3.400 could be the ceiling.

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The 100 SMA is above the longer-term 200 SMA, which suggests that the uptrend is set to carry on. However, stochastic and RSI are both pointing down, reflecting a buildup in selling pressure. A break below the support and moving averages might be an early signal that a reversal is in order.

Intraday support level – $3.100

Intraday resistance level – $3.400

Charts from TradingView