Litecoin Price Analysis: LTC/USD needs to take out the 50.00 resistance zone
- Litecoin is trading just over 2.5% higher on Wednesday.
- There is a huge resistance level above current levels noted on the chart below.
LTC/USD daily chart
Litecoin has been performing well on Wednesday after the crypto capitulation on Tuesday. On the daily chart below there is a huge confluence level at the 50.00 level.
At the aforementioned level, there is a psychological resistance, historical support, the Fibonacci 38.2% retracement and the 200 Simple Moving Average (SMA). The candle yesterday (Tuesday) looks like it rejected the zone as the highest price point of the day was 49.90.
Looking at the indicators, the Relative Strength Index is languishing just above the 50 zone but there is a clear lack of direction. The MACD histogram is positive just above the midline and the signal lines are also above the zero line, this is also positive. On the downside a break of 41.79 would be the confirmation of the berish move so keep an eye there.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
