- Litecoin remains lethargic between $55 (short-term support) and $60 (next critical hurdle).
- A triangle breakout is expected to elevate Litecoin to levels above $67 and $70.
The indecision and lack of movement across the cryptocurrency market is alarming. Following the rejection experienced at critical resistance zones by most of the cryptocurrencies, the market has remained largely on the red. Litecoin, in particular, failed to clear the hurdles towards $60. Instead, the bears are forcing their way towards $50.
Litecoin is trading at $56.92 slightly above the simple moving averages. The confluence formed by SMA 50 on the one-hour timeframe chart and SMA 100 currently offer immediate support.
Looking at the Relative Strength Index (RSI), Litecoin exhibits tendencies to correct lower. After the purging from the overbought region on Monday, the indicator is struggling to remain stable at the average. As far as support areas are concerned $52 and $50 are the key areas that will cushion drops in price.
On the other hand, a forming symmetrical triangle could soon approach a breakout. If the trend resistance is broken, chances of the price rising to highs around $67-70 are high. On the flipside, trading below the triangle support could refresh lows under $50.
LTC/USD one-hour chart
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