Litecoin, popular crypto asset and one of the leading altcoins, has seen a decrease in its price since achieving a yearly high of $115 in July. The cryptocurrency, however, broke out of a 770-day descending resistance trendline in June, reaching a new yearly high of $116. Since then, it's been unable to sustain a continuous upward movement, culminating in a fall below the long-term trendline in August. Since then, the LTC price has been trading slightly above the $60 horizontal support area. From a technical perspective, crypto bulls have an advantage if the weekly RSI reading is above 50 and the trend is upward. In the case of the Litecoin, the RSI gives a bearish reading with a reading below 50 and falling, both signs of a bearish trend. The daily timeframe readings, meanwhile, lean bearish, mainly due to the price action. This follows after the cryptocurrency broke down from an ascending support trendline on October 4th, failing to break out twice from the $68 resistance area before falling below the aforementioned trendline.

It is possible that Litecoin may further decline by 9% and reach the minor support at $58. However, if bulls are able to reclaim the ascending support trendline and the $68 region, a bullish reversal could be on the cards. This could very well lead to the altcoin increasing in value by 30% and reaching the next resistance at $83.

Whatever happens, these are exciting times for Litecoin and its investors. A lot than can happen moving forward and with the right market conditions, the altcoin could very well see widespread growth in value in the future.



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