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Litecoin (LTC) price has been trading above a long-term support trend line that has existed for 600 days. LTC rose from a minor support level yesterday but failed to reclaim its previous level.
LTC’s 600-Day Trend
Experts’ weekly technical analysis shows that the LTC price has been increasing alongside a rising support trend line for approximately 600 days. The trend line has been confirmed several times, most recently this week. Currently, the trend line coincides with a horizontal support area. Although LTC’s price started to rise in August 2023, it could not maintain the momentum and traded close to the support trend line again. The Litecoin team recently announced the expansion of EDX, an institutional exchange backed by some of the biggest names in finance, into Asia.
EDX will support transactions for Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The weekly Relative Strength Index (RSI) shows a downward trend. RSI is a momentum indicator used by investors to assess whether a market is overbought or oversold and whether a token is likely to be accumulated or sold off.
LTC’s Downward Trend
Readings above 50 and an upward trend indicate that bulls still have the advantage, while readings below 50 suggest the opposite. The indicator is below 50 and falling, which could be a precursor to a decline. Technical analysis on a six-hour time frame could suggest a higher likelihood of LTC’s price breaking below the long-term support level.
This is indicated by price action and RSI. The price movement in the cryptocurrency shows that LTC has been falling below a decreasing resistance trend line since December 2023. The most recent rejection occurred on January 12, leading to a break from the $68 horizontal area. Additionally, the six-hour RSI, having diverged from the previous upward trend line, could indicate signs of a downturn. Moreover, if the LTC price falls below $63.50, it could drop by 8% to the next closest support at $60.50.
