- Litecoin has managed to avert the potential slide to $50 by resurfacing above $60.
- The technical picture is getting better especially with RSI gradually sloping upwards.
Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.
In the meantime, LTC is dancing at $60.37. The price is battling the resistance at the 50% Fibonacci retracement level taken between the last swing high of $68.69 to a swing low of $47.25.
The Relative Strength Index (RSI) is also reversing towards the average after testing the 30 level. The RSI has been forming a lower high pattern over the last one week. The slightly oversold conditions are contributing to the ongoing bullish action.
LTC/USD 1-hour chart
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