Litecoin price analysis: LTC/USD recovered above $51.00 before running out of luck

Litecoin is changing hands at $51.34, off the intraday low registered at $47.73, gaining nearly 3% in recent 24 hours. The market value of the 7th largest coin is registered at $3B, while the average daily trading volumes reached $302M. The bullish momentum is gaining traction; however, the upside may be capped by $52.00 handle.

Litecoin’s technical picture

On the charts, LTC/USD is capped by $51.75 (SMA100, 4-hour) and psychological $52.00. Once it is cleared, the recovery may be extended towards $54.20 (SMA200, 4-hour), that's where the new selling interest may appear.  The Relative Strength Index has reverted from the overbought territory, meaning that the downside correction is highly possible.

On the downside, the support lies with SMA50 ($50.76) and $50.00. It is followed by $47.69 (October 29) and $47.21 (August 14 low).

Meanwhile, Lite.IM project announced that over 2 billion users of their platform could use Facebook Messenger to send and receive Litcoin.

We are happy to announce that @liteim_official is now live on Facebook Messenger. 2Bn+ @facebook users now have direct access to easily and securely, send, manage and invest in Litecoin.

LTC/USD, 4-hour chart