Litecoin Chart Analysis: Fierce barrier at $50 challenges LTC bulls’ commitment


  • LTC/USD battles a cluster of key resistance levels at $50.
  • Daily RSI inches higher above the midline, more gains likely?
  • 200-DMA to offer support to LTC bulls in the near-term.

Following the relentless advance for four straight sessions, Litecoin (LTC/USD) buyers are facing some exhaustion at $50 levels on Saturday.

The resistance zone is a strong confluence of the bearish 50-day moving average (DMA), horizontal 100-DMA and 38.2% Fibonacci Retracement level of the sell-off from the September 1 high of $64.39 to the September 21 low of 41.67.

Only a decisive break above the aforementioned level would help accelerate the recent gains towards the next relevant hurdle at the 50% Fibonacci Retracement of the same decline, which is at $53.07.

The 14-day Relative Strength Index (RSI) holds firmer above the midline, leaving scope for more gains. However, it could probably be tough for the bulls to extend their control.

To the downside, the intersection of the 200-DMA and 23.6% Fibonacci Retracement level just above the $47 mark could act as strong support.

Should the bears manage to clear that level, the 21-DMA cushion at $45.96 could get tested.

LTC/USD: Daily chart

LTC/USD: Additional levels to consider

LTC/USD

Overview
Today last price 49.6730
Today Daily Change 1.8433
Today Daily Change % 3.85
Today daily open 47.8298
 
Trends
Daily SMA20 45.776
Daily SMA50 50.3283
Daily SMA100 50.7568
Daily SMA200 47.1806
 
Levels
Previous Daily High 48.216
Previous Daily Low 46.6529
Previous Weekly High 48.2294
Previous Weekly Low 45.0532
Previous Monthly High 64.3919
Previous Monthly Low 41.6767
Daily Fibonacci 38.2% 47.6189
Daily Fibonacci 61.8% 47.25
Daily Pivot Point S1 46.9165
Daily Pivot Point S2 46.0032
Daily Pivot Point S3 45.3534
Daily Pivot Point R1 48.4795
Daily Pivot Point R2 49.1293
Daily Pivot Point R3 50.0426

 

 

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