Is Litecoin Finally Making A Bounce? – Litecoin – United States Dollar ($LTC)

Litecoin (CRYPTO: LTC) It is trading higher on Friday as it looks like it could find a bounce and head back towards resistance.

Litecoin recently fell below the lower upper trend line and has seen a bearish movement since then. Now, the price has risen in the past few days and may see resistance at some time.

Litecoin price is up 5.34% to $144.12 at press time.

Related Topics: Litecoin Reaches Critical Point: Technical Analysis

Litecoin daily chart analysis

  • It appears that the cryptocurrency has broken below the support in the ascending triangle pattern. The crypto has not been able to break above the $200 level for a while and it shows that this area has become a resistance area. It appears that the cryptocurrency may have started to turn around after forming higher lows.
  • Cryptocurrencies are trading below both the 50-day moving average (green) and the 200-day moving average (blue). This shows that the cryptocurrency is trading with bearish sentiment and that each of these moving averages may remain as a resistance area in the future.
  • The Relative Strength Index (RSI) has been going higher for the past few days and is now sitting at 49. This indicates that more buyers are moving in the cryptocurrency and now the amount of buying pressure is roughly equal to the amount of selling pressure. If the RSI continues to rise, the price may rise along with the RSI.

What’s next for Litecoin?

Litecoin appears to be bouncing back after starting to form higher lows. If higher bottoms continue to form, the resistance may break in time and the cryptocurrency could see an upward push.

Bulls would like to see the price cross above the moving averages and the $200 level in order for sentiment to turn bullish again. Bears would like to see the cryptocurrency continue to trade lower and the price to form a higher lower trend line. Bears also like to see price able to hold below the moving averages so that sentiment remains bearish.