Litecoin Technical Analysis: LTC/USD gets some hope after a 1.7% surge to $42
- LTC/USD is trading inside a daily downtrend below important EMAs
- Litecoin is facing a lot of resistance towards $50.
Litecoin is currently under a lot of selling pressure, the small bullish breakout from Bitcoin is helping Litecoin but it’s certainly not enough. The daily downtrend is still here and bulls will need a lot of strength to reverse the trend.
LTC/USD daily chart
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Even with this 1.7% move to $42, Litecoin still needs to crack $42.04, the high on June 30 and $42.23, the high on June 29. Buyers are also facing the 12-EMA resistance level established at $42.38 followed by the 26-EMA at $43.27. There is more resistance around $43.54 and $44 psychological level.
Unfortunately, when it comes to support levels, Litecoin doesn’t have many besides the low of June 27 at $39.44 and $38 from April 16.
LTC/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
