Litecoin [LTC/USD] Technical Analysis: Bulls gearing up for ascension after chasing bears away
There are speculations in the crypto space that a bull run has already begun. Bitcoin and other altcoins like Litecoin are starting to go up instead of going sideways in the shorter time frames.
Litecoin has performed well and has increased by 7% over the last seven days. At press time, Litecoin was trading at $53.24, with the market cap hitting $3.14 billion.
Litecoin has been consistent with its uptrend and has increased its range in the same direction. It spans over the price range starting from $48.17 to $53.10, with a small break happening in between.
The prices have been bouncing off the support line at $52.75. The last support is holding steady at $48.17. The prices have broken the previously set resistance at $55.18, thus creating a new resistance at $55.88.
There is a small downtrend seen with the Parabolic SAR markers spawning over the candles, indicating a bearish presence.
The RSI indicator is below the 40 line, indicating that the sellers…
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