How long will Litecoin's disappointment continue? To $60 or $55?
Not a lot of loyal believers are left, and this applies to almost all altcoins.
At the time of writing, Litecoin aka LTC was trading at $61.08 with a market cap of $3.9 billion. The coin was once the fourth-largest cryptocurrency based on market cap, however, at press time it is below the stablecoin Tether at the sixth spot.
60 Minute Litecoin Chart
Source: Trading View.
After LTC failed to breach below the descending triangle, the price shot up. Typically, a descending triangle has the odds of price exiting lower, however, for LTC, it was a busted pattern. As bulls rescued the price from this level ($56.25), the price rose to $62.42, where the resistance scared the rescuers. This has caused the coin to re-breach this level, which has failed from the looks of it.
This failure to breach has created its own destruction, a double top pattern. However, all is not lost, as the double top pattern hadn't finished forming at the time of writing. If the price breaks lower and breaches the $60.21 level (yellow), the pattern will undo the bulls' rescue. If the above comes to fare, it will first push the price to $58.10 (4.5% from the current price), any more selling pressure will take it to $56.21.
The bearish scenario was based on the assumption that LTC fails to ride above $62.42, however, if it succeeds, the price will easily 63.42, exactly a dollar higher and then at $65.
