Litecoin (CRYPTO: LTC) is trading higher Friday as it looks like it may be finding a bounce and heading back toward resistance.
Litecoin recently fell below the higher low trendline and has seen bearish movement since. Now, the price has been climbing for the past few days and could see a resistance in some time.
Litecoin was up 5.34% at $144.12 at time of publication.
Litecoin Daily Chart Analysis
- The crypto looked to have broken below support in an ascending triangle pattern. The crypto was unable to break above the $200 level for a time and shows this area has become an area of resistance. The crypto looks like it may be beginning to turn around after forming higher lows.
- The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue). This shows the crypto is trading with bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has been climbing higher the past few days and now sits at 49. This shows more buyers have been moving into the crypto and now the amount of buying pressure almost equals the amount of selling pressure. If the RSI continues to rise, the price may rise with the RSI.
What’s Next For Litecoin?
Litecoin looks to be making a bounce after it started forming higher lows. If the higher lows continue to form, resistance could be broken in time and the crypto could see a bullish push.
Bulls want to seethe price cross above the moving averages and the $200 level for the sentiment to turn bullish once again. Bears want to see the crypto continue to trade lower and for the price to form a lower high trendline. Bears also want to see the price be able to hold below the moving averages for sentiment to stay bearish.