The price of Litecoin [LTC] has largely been in a downward spiral, breaking many of its crucial resistance levels as prices continue to decline. However, some short-term relief might be achieved for the price, as the technicals point to a recovery in the favor of the bulls.
The short term outlook shows that there is an uptrend from $27 – $31, with a short downward movement from $35 – $34 – $33 – $31. There are supports set at $31 and $27, with the resistance levels being presented at $35 and $37.
The RSI has recovered from the oversold zone.
The MACD is set for a bullish crossover, as seen by the two lines beginning to draw together.
The Bollinger Bands have widened after the drop recently, demonstrating further volatility in the Litecoin markets.
The long-term outlook for Litecoin shows a short support uptrend from $29 – $31, with a downtrend from $125 – $55 – $33. There is a support from $28, with a resistance at $62 and $101.
The Awesome Oscillator is bullish, as seen by the emergence of green lines from the bearish trend.
The Relative Vigor Index is demonstrating a bullish crossover but seems to be set for further downwards movement.
The Parabolic SAR is bullish, with the dots beginning to emerge from the bottom of the candlesticks.
The coin seems to be awaiting further upwards movement, with the indicators supporting the bull over the bear. With both short and long-term outlooks ruling in favor of positive movement, resistances at $35 and $37 might be tested.
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