The price of Litecoin corrected some points from the minimum of $ 47.40 compared to the US dollar. LTC / USD may correct further higher, but reversals are likely to be limited to around $ 50.00.
Key points of conversation
- Litecoin's price is slowly recovering from the minimum of $ 47.40 (Kraken data feed) compared to the US dollar.
- C & # 39; is a short-term uptrend channel in place with resistance at $ 49.40 on the hourly chart of the LTC / USD pair.
- The LTC price may perhaps correct higher, but it is likely that sellers close to $ 50.00 and $ 50.50.
Pricing of Litecoin prices
Yesterday we witnessed an important downward movement under the $ 50.00 support on the litecoin price compared to the US dollar. The LTC / USD pair traded at $ 47,40 and subsequently started a short-term upward correction.
Looking at the chart, the LTC price has slowly recovered and has moved above $ 48.00 and $ 49.00 levels. Furthermore, there was a break above the Fib retracement level of 23.6% from the recent decline from the low of $ 51.76 to $ 47.40 low fluctuation.
However, earnings were limited and the price could not even test the $ 50.00 resistance area. In the beginning, there is a short-term uptrend channel in place with resistance at $ 49.40 on the hourly chart of the LTC / USD pair.
If the pair moves above the resistance of the channel, it could test the 50% fiber retracement level of the recent fall from the low of $ 51.76 to $ 47.40 in low fluctuation. The most important bullish resistance is close to the $ 50.00 level, which was previously a support.
Above $ 50.00, the next resistance is close to the $ 50.50 level and the 100-hour simple moving average. As long as the price is trading below $ 50.00 and $ 50.50, it remains in a downward trend
On the negative side, channel support is close to the $ 48.50 level. Under the channel's support, the litecoin price is likely to revisit the recent low near $ 47.40. More importantly, if sellers push the price below the minimum $ 47.40, there could be more losses. The next key support is close to the $ 45.00 level.
Market data is provided by TradingView.