Litecoin (LTC) hasn’t been able to recover from the recent crash following Bitcoin steps. The digital currency is currently trading at $53.20 as the bears have confirmed a daily downtrend.
LTC was rejected from the daily 12-period EMA several times and has basically been rejected again. This shows a lack of bull strength. The bears have been able to bring LTC down to $51.13, a level close to the recent bottom of $50.25.
The $50 mark will be a crucial support level for Litecoin and if bulls cannot defend it, there will be a lack of support below that level.
The 4-hour chart is currently trying to set an uptrend although the bulls have been rejected from both EMAs. The RSI was overextended but the bulls did see a nice bounce. The bulls are currently buying the dips, however, the volume is not impressive.
The weekly chart continues in a downtrend and the bear flag is still in play, however, like BTC, if the bears trade sideways much longer, the bear flag will eventually be nullified.
The monthly chart is fairly similar to BTC’s chart. The bulls are waiting for confirmation from the weekly chart to confirm a higher low compared to $22.17