A look at the Weekly chart for LTC/USD shows that price made a temporary bottom at $28, inside the support area formed by the highs of 2014.
It is currently trading at $48, slightly above the 21-period moving average but below the 50-period MA and the Ichimoku cloud.
There is also a minor resistance area near $50.
The RSI is at 48, indicating neither oversold nor overbought conditions.
On a more positive note, there has been a significant bullish divergence in the MACD, which is moving upward with strength but has not turned positive yet.
Given this information, I am bullish on the long-term.
Litecoin 3-Day Chart – Source: Tradingview.com
A look at the 3-day chart for LTC/USD shows that price is trading inside the negative Ichimoku cloud.
Also, we can see that price is following an ascending support line and has been doing so for the past 80 days.
Furthermore, we can see that the 21 and 50-period MAs are very…