Litecoin Price Analysis: LTC/USD channel resistance breakdown stalls at $44.50
|- Litecoin resumes the downtrend after hitting a snag at $44.50.
- Technical levels are mostly lethargic; LTC/USD targets $43.50 support on the downside.
Litecoin is among the cryptocurrencies held hostage by the bears this week. In spite of a break out of the falling channel, a loss of 0.38% is being recorded. The prevailing trend is, however, bullish amid high volatility levels.
The 100 SMA on the 1-hour chart limits the immediate upside. Besides, LTC is holding ground at $44.02. Apart from the next resistance at $44.50, the 50 SMA at $44.65 is in line to hinder movement.
From a technical perspective, Litecoin is prime for further losses likely to force it into the averted descending channel spiral. The RSI reversed the direction slightly above 50 and is aiming for the overbought.
LTC/USD 1-hour chart
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