Litecoin price moves below the ascending channel, and it needs to surpass the support base formed by the exponential moving averages 50 and 100 at 30.00 to confirm the continuation of the bearish trend, and the next target at 20.00.
Surpassing 33.25 will stop the expected decline and push the price to achieve potential rises on the short term basis.
it was an ascending wedge not an ascending channel. your charting is off. i suggest you look through multiple time frames and check the other patterns present and drop support and res price lines as well.
FXHighway
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@SocalCrypto, Thanks for your kind note and comment.
Both technical factors lead to the same result mostly, as the ascending channel is considered as a bearish flag, and it leads to the same bearish action as the ascending wedge.
Let's monitor the upcoming moves and see where the price will go, seems that we will witness some temporary recovery.