{"id":107178,"date":"2019-11-01T20:00:42","date_gmt":"2019-11-01T14:30:42","guid":{"rendered":"http:\/\/ambcrypto.com\/?p=107178"},"modified":"2019-11-01T19:08:01","modified_gmt":"2019-11-01T13:38:01","slug":"litecoin-could-resume-downtrend-as-price-follows-descending-triangle-pattern","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/litecoin-could-resume-downtrend-as-price-follows-descending-triangle-pattern\/","title":{"rendered":"Litecoin could resume downtrend as price follows descending triangle pattern"},"content":{"rendered":"

Litecoin recorded 12.8% in weekly gains and the coin was trading at $58.63, at press time. A much-needed break to the upside seemed like a distant affair as Litecoin bulls found strong resistance at the $60-level.<\/p>\n

Litecoin enters the bearish realm<\/strong><\/p>\n

\"\"
Source: LTC\/USD<\/a> on TradingView<\/figcaption><\/figure>\n

A descending triangle pattern took hold of Litecoin’s short-term price chart, with the price following one downward sloping and one horizontal trendline. Continuation of the pattern would be indicative of a potential bearish breakout in the near-term. Also, the volume receding significantly from the beginning of the pattern up to the closure of the triangle further provided validity to the pattern formation.<\/p>\n

The imminent breakout was stalled at two places; on 30 and 31 October, following which the silver crypto recorded a minor surge. Litecoin’s price action found major resistance by the downward sloping trendline and was just above the horizontal trendline.<\/p>\n

Moving Averages align with the bear<\/strong><\/p>\n

50 moving average was below the 100 moving average; this suggested a bearish phase for the coin. The coin recently sustained a bearish crossover by the moving averages and despite the brief rally, Litecoin bulls failed to gain necessary upward momentum and were still struggling below the key level of $60.<\/p>\n

Litecoin found major resistance at $61.04. As the closure of the pattern nears, the coin could find itself testing support at the point $54.94, a breach of which could lead to the coin finding relief at a second support level, $52.32.<\/p>\n

\"\"
Source: LTC\/USD<\/a> on TradingView<\/strong><\/figcaption><\/figure>\n

The MACD was, however, positive for Litecoin’s near-term. The signal line was below the MACD and depicted a bullish phase for the coin in the near-term. This suggests that the coin could undergo another minor surge, before a breakout to the negative side.<\/p>\n

Despite the breakout being resisted at two points, all the indicators projected a bearish future for the coin as a much-needed positive break was highly unlikely for the silver crypto.<\/p>\n","protected":false},"excerpt":{"rendered":"

Litecoin recorded 12.8% in weekly gains and the coin was trading at $58.63, at press time. A much-needed break to the upside seemed like a distant affair as Litecoin bulls found strong resistance at the $60-level. Litecoin enters the bearish realm A descending triangle pattern took hold of Litecoin’s short-term price chart, with the priceContinue reading “Litecoin could resume downtrend as price follows descending triangle pattern”<\/span><\/a><\/p>\n","protected":false},"author":27,"featured_media":107206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,3,4,20],"tags":[],"class_list":["post-107178","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nLitecoin could resume downtrend as price follows descending triangle pattern - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Litecoin's future seemed bleak as the price appeared to follow descending pattern formation. 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