Litecoin has spent the last six months by constantly declining, without any major retracement or attempt to break the downtrend. The coin has created a series of lower highs and lower lows which translated into a down-slipping trend line which puts additional pressure on the coin. Moreover, the coin is trading below both the 100 and 200 MA on the daily chart. However, given that we are extremely oversold on the RSI daily chart, we expect a bounce soon since nothing really happens in the vertical line. To this end, we believe that a major confluence zone - 61.8% support and horizontal support - will provide huge support to Litecoin. Moreover, Litecoin will get more support in the mentioned zone since it is around the big psychological level - 0.01000. On the other side, a potential bounce should launch the coin, at least, to test a trend line resistance which currently comes around 0.011400.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.