Litecoin (LTC): Will 100-day SMA hold ground?

Litecoin has recovered slightly from the intraday low at $41.3448. Besides, the entire market is generally in the green. Litecoin has added 3.22% to its value to exchange hands at $42.61.

The trading volumes have been decreasing since the ballistic rise on February 8 where Litecoin rose 30% from the low around $32.00. From monthly highs around $1.7 billion the trading volume is back below the 1 billion mark. While the same decline has been witnessed in its market capitalization, Litecoin is still holding onto the 4^th position on CoinMarketCap with a market share of $2.5 billion.

Litecoin is immediately supported by the 2-hour 100-day Simple Moving Average (SMA) which also coincides with the 61.8% Fib retracement level (confluence). On the upside, the 50-day SMA is capping gains at $42.73. There will be more resistance at $44 as well as the supply zone seen at $47.00.

Indicators on the chart are still positive but Litecoin is likely to continue sideways in the short-term. The Relative Strength Index (RSI) is horizontal at 58.36 after recovering from levels close to the oversold levels. The Moving Average Convergence Divergence (MACD) is almost crossing back above the mean line into the positive zone to show that the bulls are gaining traction against the bears.