LTC MAY HAVE STARTED AN UPTREND,
On June 25, the price of Litecoin broke up on a declining wedge pattern. After retracting for nearly a week, prices have begun an upward movement and are still ongoing.
Reversal pattern
LTC has been trading in a descending wedge since June 1. The price broke up on this pattern on June 25. However, after the breakout the price dropped until it reached the top of the model. Prices have increased dramatically since then.
Also, today is the first time price broke above the 50-day moving average (MA) since February 27. This means that the bulls have returned to the game.
The nearest resistance level is found at 0.00492.
The two-hour chart shows that LTC has followed the ascending support line since the price began moving up. In addition, the price has broken above the small resistance zone of 0.0047, which is likely to act as a support.
There are some bearish divergences developing in the RSI, which shows that the move has started to lose strength. Therefore, the price may drop to test the area of ₿0.0047 before rebounding.
Long-term movement
The long-term chart is giving prices a bullish boost, as LTC has created a long-term double bottom combined with bullish divergence in the RSI. The price then broke above a descending resistance line that began on February 1.
However, we can see the importance of the resistance zone of 0.005, which previously served as a support. Although the price may rise to this zone, we have not been able to determine whether the price will break above it, especially on the first try.
If successful, the next resistance area will be found at 0.0072.