Litecoin is in Need of a Miracle

August 30, 2019 By: Lorenzo Stroe

Litecoin hasn’t been able to keep the pace with the rest of the crypto market these last 2 months. Litecoin was really strong at the beginning of this year and was experiencing a really nice growth, however, after the overall market crash, Litecoin has been unable to rebound.

It is currently trading only at $63.57 in a huge and prolonged daily downtrend. The RSI is really beat up but the bulls aren’t able to take advantage of it.

The 4-hour chart looks rough, the RSI is extremely overbought and has been for the past day, bulls are still waiting to see any action.

The weekly chart at this point has switched to a downtrend and the EMA’s are looking for a bearish cross next week most likely. The only hopeful news for the bulls is the lack of bearish volume and the monthly chart.

The monthly chart isn’t as bad, although the bears have been able to break below the EMA’s, the volume is again, really low. The monthly chart can still easily become an uptrend if the bulls are able to hold a higher low compared to $22.17 and break the high of $146. Clearly at this point, the most likely scenario is going to be an equilibrium pattern, something that the bulls are welcoming.

 

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