Litecoin price analysis: LTC/USD bulls attempt comeback after dropping below upward trending line
|- LTC/USD fell from 63.75 to $61.80 this Monday.
- Elliott Oscillator has had a green session after three straight red sessions.
LTC/USD has had a bullish start to the day and is priced around $62. Like the rest of the crypto market, LTC/USD had a bearish Monday, wherein it fell from $63.75 to $61.80. The hourly breakdown of Monday shows us that the price found intraday support at $61.10, from which it bounced up to $62.50. After encountering intraday resistance there, the price has settled itself around $62.
LTC/USD daily chart
This Monday’s price action saw LTC/USD break below the support provided by the upward trending line. The price is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish market momentum, while the Elliott Oscillator has had a green session following three consecutive red sessions. The Relative Strength Index (RSI) indicator is trending around 55.55.
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