Significant losses were observed in the cryptocurrency market following a recent correction, with Litecoin (LTC) experiencing a drop of 30% as expected due to a rising wedge pattern. The future movement of LTC is now being closely watched by investors.

After a positive start in the second quarter due to Coinbase derivative contracts, Litecoin prices declined along with the market due to various factors including geopolitical tensions. However, there are early signs of a possible recovery visible in the RSI and MACD indicators, hinting at a potential price increase.

Investor optimism is fueled by an increase in the total transaction volume on the LTC network and Bitcoin's price testing $64,000. With notable rises in average volume and positive movements in MACD and RSI, LTC made an attempt to break above $80, although the unpredictable nature of cryptocurrencies suggests caution.

Litecoin Price Forecast

Currently trading at $80.72, LTC is aiming to surpass the $81 level with support from bulls defending the $77 mark. If this support holds, a push towards $86 could be seen, but failure to sustain above $79 and $77 may lead to a drop in prices to $71 as bears take control.

The initial decline target set by the rising wedge pattern has been mostly achieved, and a pullback to the next support level would indicate the completion of the formation's target price. The future movement of LTC remains uncertain so it is advisable to monitor closely.

This analysis was first published on COINTURK NEWS: Cryptocurrency Market Trends and Predictions.