Litecoin Price Key Highlights
- Litecoin price has been gradually trending higher against the U.S. dollar, mostly due to the latter’s selloff in recent trading sessions.
- Price is currently testing the bottom of the ascending channel visible on its short-term time frame and might be due for a bounce.
Litecoin price is on a steady uptrend these days and could be in for a much stronger bounce, as it is testing the rising channel support.
Bullish divergence forming
Litecoin price has been forming higher lows while technical indicators drew lower lows, creating bullish divergence for both RSI and stochastic. The 100 SMA is above the 200 SMA, confirming that the uptrend is likely to carry on. In addition, the moving averages are edging further apart, which suggests that the bullish pressure is building up.
Litecoin price is also finding support at the 200 SMA, which has held as a dynamic inflection point in the past. A break below this area, however, could show that a reversal is in order and that bears are taking control.
Support around 3.120 appears to be holding pretty well for now, with a candle close below 3.100 likely suggesting that a selloff is in order. Meanwhile, a bounce above the recent spikes at 3.165 could suggest a return in buying momentum.
Intraday support level – 3.100
Intraday resistance level – 3.165
Charts from TradingView