Litecoin Price Analysis: LTC/USD recovery hits wall at $48, can buyers hold above $45?
|- Litecoin price is entering a consolidation phase after recovery was rejected at $48.
- LTC/USD sellers’ influence is still present especially with the 50-day SMA increasing the gap under the 100-day SMA.
Litecoin price has sustained gains above a key ascending trendline since the dip to $25 support in March. Recovery has been gradual but steady. The tug of war between the bears and the bulls made the $40 level impenetrable until the surge early this week when LTC/USD soared towards $50.
However, Litecoin hit a snag at $48 and the trend settled in a sideways action above the immediate support at $45. This consolidation is supported by the horizontally moving RSI (above the average). As long as the price can hold above $45, buyers will have the time to gather the strength to attack the congestion of sellers at $48 and $50 respectively.
On the upside, besides the resistance at $48, the 50-day SMA is in line to hinder movement targeting the critical $50. The 200-day SMA at $53.50 will also give the bulls a difficult time in the journey heading to $60.
Litecoin intraday levels
Spot rate: $45.78
Relative change: -0.8635
Percentage change: -1.85%
Trend: Bullish
Volatility: Shrinking
LTC/USD daily chart
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