- Litecoin plunges towards $50 after failing to sustain gains above $60.
- Short term analysis puts the bears in charge, meaning Litecoin could welcome the weekend session while in the red.
Spot rate: $52.28
Relative change: -2.14
Percentage change: -3.9%
Trend: Bearish
Volatility: Shrinking
Support: $50 and $40
Resistance: $57 and $60
LTC/USD daily chart
-637154492858178871.png)
If Litecoin’s ongoing bearish momentum dives under $50, the chances of the 50-day SMA stopping the losses are minimal.
The path of least resistance remains to the downside unless the support at $50 forced a reversal towards $60 in the near term.
LTC/USD 4-hour chart
-637154492420667818.png)
Ongoing losses are bound to continue based on the continuous bearish session of the Elliot Wave Oscillator.
Recovery towards $60 remains an uphill task, including the resistance at the 100 SMA at $53.82 and the 50 SMA at $57.
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