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