Litecoin’s price action has been less than stellar as of late. After posting a 2019 high of $146 on June 21, the cryptocurrency succumbed to heavy selling pressure. Today, August 22, Litecoin dropped to as low as $70 for a plunge of over 50 percent in two months.
The halving, which was supposed to be the coin’s bullish catalyst, failed to live up to the hype. With no other catalyst in sight, the crypto token’s prospects appear grim. Some traders are already calling for Litecoin to dump to even lower levels.
However, we took a closer look at Litecoin’s chart and we feel optimistic about its short-term prospects. We are already seeing signs of what could be a strong bullish insurrection.
One play that has worked very well for us is to bottom pick a market while it is trading near a key support area and flashing oversold conditions. The expected selling relief from oversold signals, plus the demand at the support level often leads to a buying frenzy.