Litecoin (LTC) is showing strong bullish signals as key data suggests a potential trend reversal. After reaching its YTD high in July, the price of the coin dropped significantly, reaching an unbelievable low of $56. However, the decline could not hinder LTC from creating a double-bottom pattern combined with a bullish divergence as marked by the Relative Strength Index (RSI) indicator.A breakout from the descending resistance line is expected, which would mean that the price correction has been completed and the bottom is in. If this happens, it could translate into an increase of 37% to the next resistance point at $85. On the other hand, a failure to break through the line is likely to cause a 20% decline in the $50 horizontal support area.The analysis of LTC’s six-hour time frame technical analysis further underscores the bullish signals discovered on the daily timeframe. The presence of LTC long-term holders may also impact positively on the price of the coin as their refusal to sell is considered a very positive backing for the digital currency.LTC currently has a trading volume of over $250 million and a market capitalization of $4.6 billion. Many investors are seriously considering whether Litecoin is a good investment at this time and a look at these figures suggests that they may not be making a wrong choice should they plunge their funds into the coin.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	9
People	None
Companies	Crypto News Flash, Relative Strength Index (RSI), Litecoin, Fibonacci retracement
Currencies	Ethereum, Litecoin, Bitcoin
Securities	None