Technical Analysis: Litecoin (LTC) Retests Channel After Breakout
Litecoin (LTC) has been notably weaker than the rest of the market over the past few months, however, the bulls have come back to life in the last few days after breaking above almost all resistance on the daily chart.
Litecoin is now trading for $62.14 after a slight pullback and eyeing the recent high of $64, which currently stands as a resistance.
The bulls were able to break above the 4-hour parallel channel, and that channel is now being back-tested to confirm the breakout. Both EMAs remain bullishly crossed and the RSI is not yet overextended.
The bears remain in control of the weekly chart for Litecoin and the 12-period EMA has still not been tested yet. The bulls will need to set a clear lower high and then a higher low in order to shift the momentum from the bears.
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Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.