LITECOIN PRICE SETS FOR A RALLY FOLLOWING THE BREAKOUT OF A FALLING WEDGE
- Litecoin price breaks above the falling wedge pattern, signaling a potential bullish uptrend ahead.
- Network Realized Profit/Loss metric shows LTC's capitulation event on July 15.
- A daily candlestick close below $56.61 would invalidate the bullish thesis.
Litecoin (LTC) price broke above the falling wedge pattern on Monday, trading 1.36% higher on Tuesday. On-chain data highlights a capitulation event for LTC on July 15, potentially signaling forthcoming bullish momentum.
Litecoin price looks promising for a rally
Litecoin price broke above the falling wedge pattern on Monday. This pattern is formed by connecting swing highs and lows with trendlines from mid-March to mid-July. A breakout of this pattern signals a potential bullish trend. As of Tuesday, LTC is trading slightly higher by 1.36%, at $73.34.
If the upper trendline of the falling wedge pattern holds as throwback support at around $69.91, LTC could rally 10% from that level, targeting its daily resistance of $77.33
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