Litecoin Price Analysis: LTC/USD swing to $50 seems imminent
|- Litecoin price contains gains since March 12 crash in an ascending channel.
- Litecoin immediate resistance lies at the 50-day SMA; a break above this hurdle to catapult the crypto towards $50.
Litecoin is trading within an ascending channel amid recovery from the devastating price crash in March. A bullish price action in the first week of April tried to close in on $50 but fizzled out at $48. A reversal from the hurdle explored the levels marginally under $40 before another short-lived rally towards the end of last week.
Litecoin is currently trading under the 50-day SMA amidst the fight to scale the levels towards 50. However, technical levels suggests that stability and consolidation are likely before that breakout comes into play. For instance, the RSI is leveling at 52 after a gradual recovery from levels at 44. Consequently, the MACD suggests buyers will remain in control in the near term owing to its recovery into the positive region and the visible bullish divergence.
On the upside, gains above $50 will have to deal with more resistance at the 200-day SMA but such a breakout is likely to encourage the buyers to increase their entries further boosting LTC above $60.
Litecoin intraday Key Levels
Spot rate: $42.87
Relative change: 0.5942
Percentage change: 1.41%
Trend: Bullish
Volatility: Shrinking
LTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.