- Litecoin price bullish case to $60.00 hits a wall at $56.00.
- Litecoin enjoys multiple support areas above $50.00 which raise hope for a breakout past the $56.00 hurdle.
Litecoin price is settling above $50.00 after the recent breakout stalled at $56.00. Generally, the market is taking a step back after recording gains for two consecutive days. LTC/USD bounced off ascending trendline support. This gave the bulls the momentum to overcome the resistance at the 50-day SMA as well as the 200-day SMA.
As mentioned, action towards $60.00 lost steam at $56.00. Meanwhile, LTC/USD retreated to $52.82 (prevailing market value). Technically, buyers still have the upper hand as per the trend observed using the RSI and the MACD indicators. However, they lack the energy to push the cryptocurrency farther up.
LTC/USD daily chart
Litecoin confluence resistance and support areas
Resistance one: $52.90 – A subtle resistance highlighted by the previous low 4-hour.
Resistance two: $54.08 – The strongest resistance zone hosting the pivot point one-month resistance two.
Support one: $52.46 – A subtle buyer congestion zone highlighted by the Bollinger Band 1-hour middle.
Support two: $52.17 – Home to the previous low 15-minutes.