Litecoin Downtrend Slows Down After Resting Support Zone

Looking at the daily chart of LTC/USDT, LTC is forming a bullish flag pattern in the bearish market starting from November 8, 2021, at $296.8.  The support zone of SOL lies between $46 – $54. After touching the support level of $41.14, LTC tends to bounce back a little and go in another downward direction and tries to retest the support zone frequently.

As seen in the daily chart, the buying pressure around the support line hasn’t broken the selling momentum yet. And it is observable that buyers put a buying block around $48.17 hoping the price goes up after touching the support level. Although the price is still under the 200 EMA line in the daily chart, the 4-hour and 1-hour charts show that the price tends to be above the 200 EMA line.

The relative strength index of the weekly data of LTC indicates that it is being oversold and trying to reverse the trend since it reached $30.40. The RSI data of the daily chart shows the uptrend formation after a bounce from a $34.84 touch to $62.35. Investors can anticipate that the price will start forming a reversal pattern to have more pressure on the bull run.

According to CoinMarketCap, LTC is currently worth $57.06 after a 1.38% decrease in price over the last 24 hours. LTC price also reached a high of $59.20 over the same period. With a trading volume of $564,153,444.69, its market cap is up to over 4 billion dollars.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their research before investing in cryptocurrencies.