Litecoin had a pretty strong year start, in fact, the digital asset started a significant bull run back in December 2018 when it was trading at $22 only. The bull run lasted until June 2019 and peaked at $145. Litecoin was outperforming all the other coins and was leading the way, however, after July 2019, LTC started to lose all its previous strength.
The digital currency has been in a downtrend ever since and has been unable to recover even though things were looking great in the long term. Litecoin is currently trading at $46 after a bounce from $42.
The daily chart is in a heavy downtrend and the bulls would need a lot of work and momentum to change it in the near term. The high of the downtrend is all the way up at $60.04.
The 4-hour chart is currently in favor of the bulls which are riding the 12-period EMA as support and are hoping for a leg up above $47.64. If they can’t break above this level soon, the bears will regain control.
The weekly chart is currently a bear flag, like many other coins, and the bulls need to boost LTC up to $52 in order to break the pattern. The RSI is at a level not seen since January of this year.
The monthly chart is a bit more hopeful for the bulls although they are losing strength fast. They need to set a higher low compared to $22.17 but at this point, a lower low is possible. The bears are, however, lacking trading volume.