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LTC is still dealing with oversold conditions despite the shallow recovery from lows around $42.

Litecoin has a short term bullish bias while the long term target remains unchanged at $100.

Spot rate: $46.18

Relative change: 0.53

Percentage change: 1.16%

Trend: Bullish

Volatility: Shrinking

LTC/USD daily chart

The five-month-long descending trendline resistance must come down for the desired bullish action to occur.

The 50 SMA and the 200 SMA wide gap clearly shows that the sellers are still in charge.

LTC/USD 240′ chart

Litecoin bulls wake up ready for revenge; the MACD’s bullish cross shows the short-term trend turning in the favor of the buyers.

The descending channel resistance barricades the immediate upside making recovery difficult.

LTC/USD 1-hour chart

Litecoin corrects higher above a short term ascending trendline support.

The 50 SMA and the 21 SMA come out as formidable support lines in the near-term.