Litecoin Price Analysis: LTC/USD commences consolidation
|- Litecoin price trades between the 50-day SMA support and 200-day SMA resistance.
- Long-running ascending channel support could be the key to averting declines to lower levels at $40 and $35.
Litecoin price is among the most improved cryptoassets in the market on Thursday and during the European session. The crypto features a 2% gain on the day after advancing from an opening value of $45.01 to $45.90 (market value). Litecoin is trailing other cryptocurrencies such as Ethereum at 3%, IOTA at 2.69% and EOS at 2.19%. On the other hand, Bitcoin stepped above $9,300 from $9,158 (opening value).
LTC/USD is also trying to stay above the channel support especially with the seller congestion staying put at $50.00. Beyond this level, continued upward price action would face more hurdles at the 200-day SMA. On the other hand, the 50 SMA is in line to offer support in the event the channel support gives in to the pressure.
According to the applied technical indicators such as the RSI and the MACD, Litecoin is likely to settle for consolidation. For example, the RSI is horizontal at 56 after sliding from recent highs at 68.75. The MACD is holding the position in the positive region but its sideways action hints price action will remain stable. Besides the support at the 50-day SMA, other areas of interest include $ 40, $35 and $30.
LTC/USD daily chart
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