THELOGICALINDIAN - Litecoin amount is still in a declivity beneath the 5000 attrition adjoin the US Dollar LTC could alone alpha an access if it break 5000 If not it could accelerate appear 4000
Litecoin Price Analysis
This accomplished week, litecoin amount struggled to ascend aloft the $50.00 attrition breadth adjoin the US Dollar. As a result, LTC amount continued its abatement beneath the $45.00 abutment and the 100 alternate simple affective average.
Moreover, it traded abutting to the $42.00 akin and formed a new account low at $42.15. Later, there was an upside correction, agnate to bitcoin, Ethereum, ripple and BCH.
Litecoin recovered aloft the $44.00 and $45.00 attrition levels. Besides, it acicular aloft the $47.00 akin and the alternate simple affective average. However, the advancement move was capped by the $47.50 attrition area.
More importantly, there is a aloft bearish trend band basic with attrition abreast $47.80 on the alternate blueprint of the LTC/USD pair. If there is an upside breach aloft the $47.80 and $48.50 resistance, the amount could abide to rise.
The capital attrition is abreast the $50.00 area, aloft which there are affairs of a appropriate run appear the $54.00 and $55.00 attrition levels. On the downside, an antecedent abutment is abreast the $45.50 level.
The abutting abutment for litecoin is abreast the $44.85 level. It is abutting to the 50% Fib retracement akin of the contempo acceleration from the $42.15 low to $47.61 high. A bright breach beneath the $44.85 abutment ability advance the amount aback into a bearish zone.
In the mentioned case, the amount could revisit the $42.20 abutment area. An average abutment is abreast the $43.40 level. It represents the 76.4% Fib retracement akin of the contempo acceleration from the $42.15 low to $47.61 high.
Looking at the chart, litecoin amount is acceptable adverse a brace of able resistances abreast $48.50 and $50.00, agnate to bitcoin abreast $7,300 and $7,400. A acknowledged breach aloft $50.00 is bare for a able rise.
Technical indicators:
Hourly MACD – The MACD is boring affective aback into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is currently aloof aloft the 40 level.
Major Support Levels – $45.50 followed by $43.40.
Major Resistance Levels – $48.50 and $50.00.
