LTC/USD unable to escape the narrow range resistance

  • Litecoin price embraces consolidation following the devastating drop over the weekend.
  • LTC/USD technical picture remains intact as observed with the MACD’s bullish divergence.

Litecoin dived under $40 last week amid a Bitcoin-triggered selloff. Immediately the price recovered above $40, however, the momentum lost steam at $43. At the time of writing, LTC/USD is dancing at $42.30. Multiple attempts made to clear the resistance at $43 have been thwarted. The narrow range resistance will require a catalyst to clear it and once again place Litecoin in a trajectory to levels above $50.

The ongoing consolidation is likely to carry on based on the trend seen with the Relative Strength Index (RSI) which is leveling at 41. Interestingly, the MACD displays a positive picture for LTC as it grinds towards the mean line. It has also sustained a bullish divergence to emphasize that the bulls are in the control.  For now, the best the bulls can do is to hold above the range support at $41 as they anticipate the right volume to pull Litecoin upwards.

Litecoin Intraday Levels”

Spot rate: $42.17

Relative change: -0.085

Percentage change: -0.16%

Trend: Bearish

Volatility: Low

LTC/USD 4-hour chart