FX.co ★ Litecoin challenges major wedge pattern resistance.

Red lines- wedge patterns

Blue lines- RSI bullish divergence

In our previous analysis we noted the downward sloping wedge pattern that has formed in the Litecoin Daily chart and its similarities to the May 2021 wedge pattern and break out. Price is now trading around $52.20 very close to the upper wedge boundary. Bulls need to break Litecoin price above $56-57 in order to call for a break out. The bullish RSI divergence supports the bullish reversal scenario. Traders need to remain patient for the break out to occur.