- Litecoin price hovers above $60 after advances above $61 were unsustainable.
- The inclination to the downside is expected to continue throughout the sessions on Thursday.
Litecoin is price action is inclined towards making declines on Thursday towards the end of the Asian trading session. The cryptocurrency live rates table shows the crypto having lost 0.21% of its value on the day. LTC is hovering above $60 after corrections above $61 failed to hold. Moreover, the prevailing trend is strongly bearish albeit the shrinking volatility.
Immediate support is offered by the 100 Simple Moving Average (SMA) on the 4-hour chart. The ascending trendline is also ready to come to the rescue of the bulls. A slide below $60 could also seek refuge with $58 support. However, the major support for LTC/USD lies with $50 and $46.00 respectively.
As far as technical levels are concerned, Litecoin is expected to continue pressing down on the short term support at $60. For instance, the RSI is gradually slopping towards the oversold while, the MACD displays a bearish cross. The signals from the indicators remain bearish for the near-term which jeopardizes the tentative support areas.