Litecoin (LTC) has been increasing since June 14 but has yet to confirm a potential bullish trend reversal.
LTC has been falling since reaching a new all-time high price of $417 in May 2021. Initially, the price managed to bounce several times above the $135 horizontal support area. However, it finally broke down at the beginning of 2022, validating the area s resistance (red icons).
So far, the downward movement has led to a low of $40.2 on June 14, 2022. This amounted to a drop of 87% from the aforementioned high. The low was made at the $40 horizontal support area, which was last reached in March 2020.
On top of this, the weekly RSI has fallen to a new all-time low, a sign of an oversold asset.
Short-term resistance line
The six-hour chart shows that LTC has been falling underneath a descending resistance line since the beginning of April. More recently, the line caused a rejection on May 5.
While the price has been increasing since June 14, it has failed to reclaim the $55 minor resistance area, which now coincides with the aforementioned resistance line. Additionally, the RSI is right at the 50 line, providing a sign of a neutral trend.
So, the six-hour chart provides a somewhat neutral outlook, failing to indicate whether a breakout or rejection will occur.
LTC/BTC
Cryptocurrency trader @traderrocko tweeted that the LTC/BTC chart has increased by 40% since its June lows.
The LTC/BTC chart is more bullish than its USD counterpart. The price has increased significantly since June 14 and broke out from a descending resistance line on June 20.
The closest resistance is at ₿0.00285. This is a crucial level since it has intermittently acted as both support and resistance since the beginning of the year. A movement above it could further accelerate the rate of increase.
For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.