Litecoin price analysis: In the bottoming out process, but journey is tough

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  • LTC forming patterns that suggest it is bottoming out.
  • Long way to the resumption of bull market yet.

Litecoin, which has gone down to become seventh largest cryptocurrency after Stellar Lumens overtook it, is in the process of bottoming out, though resumption of a bull market is still far away.

LTC/USD is down about a percent at $82.646, near low point of the day and trading in a band of less than 2 percent for the day – sign of low volume weekend trading. On the daily chart, LTC although did bounce above the earlier lower high but failed to sustain it.

For now, it is holding up above its 21 days simple moving average and should target that lower high again, which is placed around $95. For bull market to resume, it should convincingly be able to cross past descending trendline, currently placed at $107.

LTC/USD daily chart:

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