Litecoin Price Update: LTC/USD depression on crucial support levels intensifies
|- Litecoin commences a sideways trading action after defending $44.00 support.
- LTC/USD needs one kick above the trendline resistance to pave the way for gains above $50.
Litecoin bears are still forcing the price against crucial support zones. Since the start of this week’s trading, Litecoin has maintained a bearish outlook. Besides, the cryptoasset has corrected a subtle 0.1% lower on the day. LTC/USD is holding ground at $44.49 while trading sideways along the same line.
Consequently, the price is dangling below the moving averages; the confluence formed by the 50 SMA and the 100 SMA on the 4-hour chart at $45 is limiting movement north. The RSI in the same 4-hour range is ranging at 42.42. If RSI continues to move sideways, LTC’s recovery will not come easy.
However, a correction above the descending trendline resistance is likely to stir growth towards $50. On the downside, $44 is the first support target. Other support areas include $42.50 and $40.00.
LTC/USD 4-hour chart
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