Litecoin price analysis: The market bleeds again as LTC/USD loses 2.5%

The bullish trend in the market has been cut short on Friday as cryptos slash the gains accrued since Wednesday. The largest cryptocurrency by market capitalization, Bitcoin retreated from intraday highs of $6,582.05 and is currently seeking a balance above $6,450. The cryptocurrency market clocked $200 billion on Thursday but has retreated to $199 billion at the time of writing.

Litecoin corrected higher yesterday from the lows of $47.27 and made stepped above $55.00. The upside momentum inched towards $56.00 but turned bearish due to the rising selling pressure. The sellers increase their entries pushing the price below the trendline at $54.87. The short-term support at $54.00 gave in to the bear pressure but the downside has been supported at $53.00, although the price tested the 61.8% Fib level.

Litecoin buyers are making attempts to recover the losses on the day but the support turned resistance at $54.00 is hindering movement. If the price can make it above this level, $56.00 is within reach, besides the buyers will have a clear path towards the medium-term resistance at $60.00. The hourly 50SMA is an immediate supply zone but the major support is $47.00.

LTC/USD 1-hour chart