Litecoin has constantly been falling since November and is currently trailing at its lows with the price of $61.27. The weekly chart shows the constant formation of bearish candles with the price moving at the edges of the weekly chart. However, the LTC token should close above the trendline while forming higher highs for the confirmation of an up-trend pattern.
LTC may enter the oversold zone in the long-time frame as the price continuously declines with a supportive volume. The LTC price is moving at the edges of the lower band of Bollinger Bands, and once it closes below the low of $52.10, a downtrend pattern can be confirmed to continue. The price is trailing at the lows of 1.5 years, from where it mounted up and reached its highs of $412.96 on May 10, 2021.
On the daily chart, the token is moving in the support zone and sideways with slight price movement as neither the bulls nor the bears are able to take the price in any direction forming indecision in the market. On June 06, the price showed a hike of 4.7%.
The Litecoin price has closed above the downtrend line; however, for an ascending pattern, it should close above the recent high of $70. The bulls need to put immense buying pressure for a rise in the price with a favorable volume. Check out the Litecoin price prediction to know if the buying pressure will rise or not.
LTC has reached the oversold zone and may head towards the overbought zone if the bulls show positive sentiments and the bears don’t push the price further. The RSI indicator is at 38 and is currently neutral. The traders should wait for the forming candles for the RSI to signal.
The Bollinger Bands are moving nearby to each other, showing very less volatility in the market, and the price is currently moving in between the upper and the lower bands, indicating a neutral signal of the price action.
