Litecoin (LTC) Price Action Forms Bullish Falling Wedge Pattern, But Can Bulls Break Bearish Sentiment?

Litecoin price action meekly followed the wider market trend with a recovery on Aug. 6 before the token pared all its gains on the following day.

Litecoin (LTC) price action has been dull compared to other tokens in recent months. However, a recent analysis by CoinChapter highlighted several bearish metrics against the LTC token.

These include a drop in futures open interest, a lack of sustained negative funding rates, and a recent dump by whales, as indicated by the wallet distribution chart.

Despite these bearish signals, a bullish technical setup could offer some hope for LTC bulls. The LTC/USD pair has formed a falling wedge pattern, suggesting a potential breakout and rally.

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