With over $4.2 billion in market cap, Litecoin stands tall as the seventh-<a href="https://www.cryptoknowmics.com/news/bitcoin-is-the-best-cryptocurrency-to-invest-in/">largest cryptocurrency in the world</a>. The 24-hour volume for LTC exceeds $3.6 billion and has surged 1.16% in the last day and 16.85% in the last seven days.

Hovering at $37 Litecoin shows a potential for a small surge in the short time frame. However, since it is forming a rising wedge, it is bearish in a medium-term scenario.
<ul>
 	<li style="font-weight: 400">The formation of the rising wedge is bearish for Litecoin and a breakout could push the price to $32 and $29 as the local support.</li>
 	<li style="font-weight: 400">Before the price breaks out of the pattern, there is a chance for the price to rise by 18% and bounce in the pattern.</li>
</ul>
<h2>Four Hour Litecoin Chart</h2>
<img class="aligncenter wp-image-163479 size-full" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2020/03/ltc.png" alt="" width="1937" /> Source: <a href="https://www.tradingview.com/symbols/LTCUSD/">Trading View</a>.

The recovery from the recent dip is about 81% from the bottom. However, the recovery was in the form of a rising wedge, a bearish pattern. Although the ultimate breakout will be bearish there is a chance for the price to bounce within the pattern providing a good opportunity for scalping.

From where the price is right now, there is a chance to long with an 18% upside while risking 5%. After this surge, there is supposed to be retracement down to the bottom of the wedge, which would be approximately 15% from the top. If the bearish pressure continues, there might be a breakout, causing a dip further down to the next immediate support of $32.27, followed by $29.10.

Further, the wave trend indicator showed two possibilities since it is near the neutral zone. A bounce back from the wave trend indicator would provide for the 18% upside mentioned above. However, if the wave trend indicator continues to breaks below the neutral zone, then the price will directly go to $32 without the 18% upside.

Additionally, the 50-day MA (orange) is sloping downward and is nearing the 200-day MA (blue) suggesting a death cross. Extrapolating these MAs would provide a projected death cross taking place on March 28. A formation of a death cross, as seen on <a href="https://www.cryptoknowmics.com/news/beginners-guide-to-best-altcoins-to-invest-for-indians-in-2020/">many altcoins</a>, indicates the start of a bearish territory, unless it recovers quickly.

You May Also Read
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 	<li><a href="https://www.cryptoknowmics.com/news/litecoin-cryptocurrency-how-is-litecoin-different-from-bitcoin/">Litecoin Cryptocurrency | How is Litecoin Different from Bitcoin</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/litecoins-not-so-bearish-breakout-soon-20-upside-soon/">Litecoin not-so-bearish breakout soon; 20% upside soon?</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/how-to-buy-litecoin-in-india/">How To Buy Litecoin In India</a></li>
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Litecoin short term outlook shows 18% upside with a looming death cross

The formation of the rising wedge is bearish for Litecoin and a breakout could push the price to $32 and $29 as the local support.

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

Litecoin short term outlook shows 18% upside with a looming death cross

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