- Litecoin has been trading sideways for a lot longer than the majority of cryptos.
- There hasn’t been a clear bull break for Litecoin since April 30.
- LTC/USD is in a daily parallel channel.
Litecoin is basically trading inside a daily parallel channel that is going nowhere. Since April 25, Litecoin has been trading between $41 and $50 and has touched the $50 mark on five different occasions but with no continuation. Similarly, the area around $41-40 has served as support numerous times.
LTC/USD daily chart
Today Litecoin held $41.75 again and is seeing a decent recovery following some of the major cryptos. The most important resistance level is still at $50 and bulls need to prove themselves by breaking it convincingly with a lot of continuation.
Unfortunately, the daily EMAs have crossed bearishly and Litecoin is still far away from the 12-EMA at $45.
LTC/USD 4-hour chart
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There is a clear bounce underway but the 4-hour downtrend is still in play and Litecoin is currently getting rejected from the 12-EMA at $43.72. Bulls need to climb above the 12-EMA and the 26-EMA and set a higher low followed by a higher high in order to change the downtrend.