Litecoin Price Analysis: LTC/USD doesn't have the momentum behind bull move for now
|- Litecoin price was seen holding trading broadly flat through the mid part of Monday's session.
- LTC/USD managed to catch a bid, after initially being firmly on the back foot at the start of Monday.
- Any bull move currently is struggling to sustain upside momentum, near-term resistance to strong for now.
Litecoin price through the mid point of Monday's session was trading broadly flat, after starting the day initially under selling pressure. LTC/USD managing to find buyers within the mid-$50 region, a known buying area.
LTC/USD upside momentum continues to be unsustainable for now, as price once again runs into near-term supply area. During the session on Sunday 12th November, upside was seen, printing a high within the mid-$51 region, but sellers pilled in to send price back south.
Technically, the bulls must break above the mentioned resistance, seen from within the mid-$51 region. Should this be breached, it could open the door for a fast return back towards the $55 territory. The price was last seen here on 7th November. A breach of the support seen at the psychological $50 area, could see a fast move south, back down to $47, double bottom area seen 29 and 31st October.
LTC/USD 60-minute chart
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