The Litecoin (LTC) price bounced at a long-term horizontal and diagonal support area last week.

The price has not begun a significant increase yet, though there are positive signs in lower time frames.

Litecoin Attempts to Bounce at Support

On the weekly timeframe, LTC’s price action shows a decline from its peak at $115 in July 2023. The drop led to a low of $56 in August. Following a brief rebound and subsequent decline, the Litecoin price created a higher low (green icon).

This bounce in Litecoin’s price confirmed a long-standing ascending support trend line. The trend line has existed for nearly 600 days and coincides with a horizontal area that has served as support and resistance.

Traders commonly employ the Relative Strength Index (RSI) as a momentum indicator to evaluate whether a market is in an overbought or oversold condition, guiding decisions to accumulate or sell an asset.

When the RSI surpasses 50, and t

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Author: Valdrin Tahiri

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