HomeLitecoinBullish RSI Divergence Sets Litecoin up for an upward breakout

Bullish RSI Divergence Sets Litecoin up for an upward breakout


In mid-November, Litecoin (LTC) was hit by a minor correction against the US dollar. It appears at the time that a short-term downtrend was well on course. And then came the crypto winter, where bearish sentiment in the wider market took hold. As a result, LTC was in for a route, plummeting to nearly $140 from its October and early November highs of $296. However, some bullish RSI divergence suggests an upward rally is not far away. Here are some facts:

  • In recent weeks, LTC has been swinging between $141 and $166, suggesting price consolidation.

  • Relative Strength Index or RSI shows a bullish divergence that hints are possible growth.

  • However, the current price is below crucial EMAs, meaning the bearish downtrend is still on.

Bullish RSI Divergence Sets Litecoin up for an upward breakout 1640017419359 87b3a417 726a 44be b854 d65252c5cab2Data Source:

Litecoin (LTC) – price action and analysis

It’s been a bitter-sweet rollercoaster for Litecoin over the past three months or so. After hitting highs of $296 in late October, the coin has just nosedived. At one point, it plummeted 51% to hover around its $141 support. We have not really seen any rally ever since. 

At the time of reporting, LTC was trading at $151. But there is some hope. In recent days, the price action has been swinging in between the $141 support and $166. This suggests that LTC is undergoing some price consolidation, something that makes it a prime target for a bullish breakout.

Should you buy Litecoin (LTC) today?

In general, the entire crypto market is down. This gives investors the perfect opportunity to buy undervalued assets and hopes to ride a bullish wave in the near term. But there is still some downside risk this year, especially if headwinds in the market don’t abate. But LTC is always a good long-term investment, and since it’s trading at a discount, this is the perfect time to get in.

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