Litecoin price analysis: LTC/USD defends $62 support, what next?
|- Technical levels point towards sideways trading taking precedence.
- Litecoin stays in an uptrend in spite of the rejection at the $64 resistance level.
Litecoin made an attempt to break above $64.00 resistance level. However, bears swung into action testing the short-term support at $62.00. On the other hand, the price is trading above the 50 Simple Moving Average (SMA) on the 4-hour chart as well as the 100 SMA. In case, the downtrend momentum extends the SMAs will are in line to offer support at $60 and $57 respectively.
The Relative Strength Index (RSI) in the same 4-hour range shows that sideways trading is likely to take precedence. It is important that the RSI remains above 50. However, any downward correction will signal the price breakdown towards $60.
Despite the rejection at $64, Litecoin has sustained an uptrend above a short-term ascending trendline. The trendline will come in handy in the event of losses towards $60.
LTC/USD 4-hour chart
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