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Litecoin (LTC) Weekly RSI Falls To New All-Time Low

2 mins
Updated by Ryan James
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In Brief

  • LTC is trading in a range between $40 and $135
  • It is following a descending resistance line
  • LTC/BTC has broken out from a descending resistance line
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Litecoin (LTC) has been increasing since June 14 but has yet to confirm a potential bullish trend reversal.

LTC has been falling since reaching a new all-time high price of $417 in May 2021. Initially, the price managed to bounce several times above the $135 horizontal support area. However, it finally broke down at the beginning of 2022, validating the area s resistance (red icons). 

So far, the downward movement has led to a low of $40.2 on June 14, 2022. This amounted to a drop of 87% from the aforementioned high. The low was made at the $40 horizontal support area, which was last reached in March 2020. 

On top of this, the weekly RSI has fallen to a new all-time low, a sign of an oversold asset.

Short-term resistance line

The six-hour chart shows that LTC has been falling underneath a descending resistance line since the beginning of April. More recently, the line caused a rejection on May 5. 

While the price has been increasing since June 14, it has failed to reclaim the $55 minor resistance area, which now coincides with the aforementioned resistance line. Additionally, the RSI is right at the 50 line, providing a sign of a neutral trend.

So, the six-hour chart provides a somewhat neutral outlook, failing to indicate whether a breakout or rejection will occur.

LTC/BTC

Cryptocurrency trader @traderrocko tweeted that the LTC/BTC chart has increased by 40% since its June lows.

The LTC/BTC chart is more bullish than its USD counterpart. The price has increased significantly since June 14 and broke out from a descending resistance line on June 20. 

The closest resistance is at ₿0.00285. This is a crucial level since it has intermittently acted as both support and resistance since the beginning of the year. A movement above it could further accelerate the rate of increase.

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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