Litecoin has been a bearish token for the past few weeks, as there has been a constant formation of bearish candles forming lower lows on the weekly chart. The LTC price has dropped from the highs of $279 to the current market price of $51.35 over the year.
The previous week’s candle shows a price movement of around 20% as the Litecoin token turned from its weekly support line of $41.88. If the price rises from this point, it may reach its crucial resistance of $105.58. Like other cryptos, Litecoin also has been bearish over the past months, and an upsurge can be expected if the token closes above the recent highs.
The LTC token entered the oversold zone on the daily chart and took a turnaround. The RSI indicator is at 42, currently shows neutral momentum, and the upcoming price action depends on the bears and the bulls. The price is moving sideways, showing consolidated momentum forming indecision in the market.
The LTC price shows a rejection at the lower line of the Bollinger Bands for the further downfall, and currently, the price is moving between the Bollinger Bands. The BB being narrow shows less volatility in the market.
There was a supportive bear volume on the daily chart on June 28. If the LTC price continues to decline and closes below the support line of $41.88, a downtrend pattern can be expected in the long run. If the LTC coin continues to fall, it may reach its 52-week low of $40.68; after that, Litecoin may turn around.