- In spite of the downtrend, Litecoin sustains a lower high pattern above a short-term ascending channel.
- Litecoin price is hitting on the 38.2% resistance amidst a developing bullish momentum.
The weekend love for cryptocurrencies seems to be getting into action. Bulls across the board are trying to throw jabs after being largely suppressed On Friday. Litecoin, for example, is yet again re-starting the journey towards to $60 (key supply) zone once again. This comes after yesterday’s declines found support at $53.
Its immediate upside is capped at the 38.2% Fib retracement level taken between the last swing high of $59.89to a swing low at $51.18. Also in the way of movement north is the 50 Simple Moving Average (SMA) on the one-hour chart.
The Relative Strength Index (RSI) is staying above the average (50) to show that bullish pressure is increasing. Litecoin’s downside is supported initially by the 21 SMA. The next support target is $53 (Friday’s support). The ascending channel will come in handy if losses progress further. However, the key support lies within the zone at $50 – $52.
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