- Litecoin bulls look to fight back control, with eyes on the six-month top.
- LTC price spots a bull flag on the 12H chart, awaits confirmation.
- RSI stalls its descent while above 50.00, underpinning the buying mood.
The corrective decline in Litecoin price appears to have lost steam from six-month highs of $298, as LTC bulls look to regain control this Saturday.
LTC price is attempting a tepid bounce from three-day lows of $244 reached Friday, currently trading at $251, almost unchanged on the day.
Despite the recent pullback from the multi-month top, the underlying bullish tone in Litecoin remains untouched amid encouraging fundamentals.
“Based on data from crypto intelligence platform IntoTheBlock, 88% of the wallet addresses holding Litecoin are currently profitable,” FXStreet’s Crypto Editor Ekta Mourya noted.
Adding credence to the bullish potential, a renowned forex trader and analyst Peter Brandt said that he expects LTC price to retest 2021 high at 395.
LTC price eyes further upside amid a potential bull flag
This week’s consolidative mode that followed Litecoin’s uptrend from November 6 lows of $191 to half-year highs has carved out a bull flag formation on the 12-hour chart.
LTC bulls need a sustained break above the falling trendline resistance at $264 to validate the bullish continuation.
A fresh upswing will then kick in towards the multi-month highs, which remain in close proximity to the $300 mark.
On buying resurgence, LTC price could look to challenge the $350 psychological level. Further up, the pattern target measured at $371 will be on LTC buyers’ radars.
A test of the $400 round number will be inevitable should LTC bulls find a strong foothold above the latter.
The Relative Strength Index (RSI) has stalled its downside momentum, now attempting a bounce while above the midline. The leading indicator backs the premise for a likely move higher. 
LTC/USD: 12-hour chart
On the flip side, if the selling momentum resumes, then the falling trendline support at $242 could be put at risk.
A 12-hourly candlestick closing below it would wipe out the expectations for a bull flag, opening up the additional downside towards the bullish 21-Simple Moving Average (SMA) at $228.
The next critical cushion is aligned at $208, which is the upward-sloping 50-SMA.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.