Litecoin Price Analysis: LTC/USD needs to take out the 50.00 resistance zone
|- Litecoin is trading just over 2.5% higher on Wednesday.
- There is a huge resistance level above current levels noted on the chart below.
LTC/USD daily chart
Litecoin has been performing well on Wednesday after the crypto capitulation on Tuesday. On the daily chart below there is a huge confluence level at the 50.00 level.
At the aforementioned level, there is a psychological resistance, historical support, the Fibonacci 38.2% retracement and the 200 Simple Moving Average (SMA). The candle yesterday (Tuesday) looks like it rejected the zone as the highest price point of the day was 49.90.
Looking at the indicators, the Relative Strength Index is languishing just above the 50 zone but there is a clear lack of direction. The MACD histogram is positive just above the midline and the signal lines are also above the zero line, this is also positive. On the downside a break of 41.79 would be the confirmation of the berish move so keep an eye there.
 (3)-637268014158416240.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.