LTC/USD Still Stuck Within The Long-term Contracting Triangle; Price Testing February Lows

• Litecoin price goes back to square one (testing February lows between $113 and $112).
• The RSI is still in the oversold regions to signal that the bears have the upper hand.

Litecoin price recently broke out from a ranging channel and began recoiling to the upside. The price moved past the resistance level at $120, however; the upside was capped below $123. Subsequently, the price embarked on a downside roll during the session yesterday but found a weak support at $113.

LTC/USD has breached the weak support above and is testing the February lows. In other words, Litecoin price has gone back to square one ($112 - $113) after the downside trend witnessed between January and February this year. The gap between the 100 SMA and the longer term 200 SMA is widening to show that bearish pressure could still push the price even lower.

The RSI is still in the oversold regions to signal that the bears have the upper hand. On the upside, the price will encounter resistance at $115 level. Similarly, the 100 SMA will offer resistance as the price corrects higher toward the major resistance level at $120. On the downside, a short-term support has been formed above $112 level. LTC/USD must keep above this level to prevent the price from testing new lows this year.

LTC/USD intraday 720' chart