The 200 SMA Keeping Litecoin Subdued Today, But the Break Should Come

Cryptocurrencies were climbing higher last week, following the crash in May, but they couldn’t resume the bullish trend. Buyers seem hesitant to take the situation in control, as global politics keep messing with the crypto market.

Litecoin Litecpoin fell to $145, but it reversed on Tuesday above the previous lows from May, which was a bullish sign, since it is not making any new lows. Instead, it has been making higher lows since Tuesday, as LTC/USD moves above the moving averages.

Litecoin Live Chart


Although, the 200 SMA (purple) is standing strong on the H1 chart, providing resistance. Litecoin is forming a bearish reversing signal up there, but the selling pressure is weak, so it seems like the 200 SMA will break soon.

Different countries are adopting cryptocurrencies, with Nigeria announcing it will introduce it own crypto. This is a positive event for cryptos, so I assume the larger bullish trend will resume soon, but Litecoin has to break above the 200 SMA first.