In a recent Analysis, we discussed the possibility of the equilibrium pattern helping the bulls, the pattern was broken by the bulls and LTC traded as high as $72.25, however the bears quickly took over and the bulls were rejected from the 26-day EMA.
Either way, this is still a great first step for the bulls as they were able to close above the 12-day EMA, something that hasn’t happened in more than a month.
It remains to be seen if the bulls can see further continuation after this which would confirm a daily uptrend, again, something really significant for Litecoin.
The 4-hour chart is still in control of the bulls and they are looking to bounce off the EMA’s. The hourly chart is trying to confirm a higher low compared to $68.01 and then a break of $71.13 to confirm an uptrend there.
It’s important to note that even if the bulls are able to change the daily downtrend, on the weekly chart, this will simply be a lower high compared to $107.04, however, it is definitely a good start.