The price of Litecoin has recovered some points, but has faced sellers close to $ 50.00 against the US dollar. LTC / USD is still trading below the resistance of $ 50.00 and the SMA at 100 hours.
Key points of conversation
- The price of Litecoin has been corrected higher, but has faced sellers close to the resistance of $ 50.00 (Kraken data feed) compared to the US dollar.
- There is a new bearish trend line in place with resistance at $ 50.00 on the hourly chart of the LTC / USD pair.
- The LTC price is currently struggling to break the resistance of $ 50.00 and the SMA to 100 hours.
Pricing of Litecoin prices
Recently, the litecoin price started a short-term upward correction from the $ 48.00 support against the US dollar. The LTC / USD pair traded above $ 49.00 and $ 50.00 levels, but failed to keep gains.
Looking at the chart, the price of the LTC fell once again towards the $ 48.00 level at which buyers emerged. Subsequently, the price started a new upward move and exceeded the resistance of $ 49.00.
The buyers were able to push the price above the fiber retracement level of 50% of the last slide from the minimum of $ 51.75 to the minimum of $ 47.40. However, the upward move was limited by the $ 50.00-50.20 zone and the 100-hour simple moving average.
In addition, the 61.8% retracement level of the last slide from the low of $ 51.75 to the minimum of $ 47.40 worked as a major obstacle. Also, there is a new bearish trend line in place with resistance at $ 50.00 on the hourly chart of the LTC / USD pair.
Therefore, it will not be easy for buyers to cancel the resistance of $ 50.00 and the SMA at 100 hours. Above $ 50.00, the price may perhaps move towards the $ 51.00 resistance, which was previously a support.
On the other hand, if the price can not overcome the resistance of $ 50.00, there may be a new decline towards the $ 48.00 support.
Overall, the litecoin price was adjusted, but previous support levels near $ 50.00 represented strong resistance. In the short term, there may be variations in distance before the price attempts to cancel the resistance of $ 50.00.
Market data is provided by TradingView.