Litecoin bounce has been far less impressive than the rest of the market. The digital asset has seen weaker gains and the bulls have been unable to break above the 12-period EMA for now. The current price action doesn’t pose too well for Litecoin as the bulls seem to be losing a lot of strength, especially in trading volume.
It’s unclear if the bulls will be able to keep the pace as Litecoin is still sitting at $48, unable to break above $50. The hourly chart is currently in an uptrend, however, this chart can often be erratic and unclear.
The 4-hour chart does show more clarity with a pretty decent uptrend as the bulls were able to make the EMAs cross bullishly. The RSI is not yet overheated but the volume has been significantly declining, as mentioned above.
Long Term Outlook for Litecoin
Clearly, the really short term is looking ok for Litecoin but what about longer timeframes? The weekly chart has not yet nullified the bear flag. Litecoin, in contrast to Bitcoin, has been far weaker for the past few months even though, the digital asset had a really strong start of the year.
The monthly chart is similar to Bitcoin and the bulls are still looking for that higher low compared to $22.17. The monthly chart is overall bullish but the bulls are losing momentum every month that passes. They need to set that higher low with a weekly trend change and they need to do it fast.