- 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.
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.