The price of Litecoin is beginning to rise steadily following a 24-hour period of buying pressure in which LTC gained about 3%. The coin began to stage a bull market when it first touched support at the $44.62 yesterday.
Bouncing off the support at $44, LTC began rallying towards $46. The coin had bounced back from a growing support trend line which impeded Litecoin from calming down further under $44.60.
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The Resistance Strength Indicator (RSI) has rebounded from the 50.0 level, clearly indicating that the bulls are still very much interested in running through to the next resistance at $50.
At the time of writing this piece, LTC/USD is changing hands at 47.03, with buyers not showing many signs of giving up their control of the market sentiments yet.
LTC/USD Technical Analysis
LTC/USD remains indecisive to market fluctuations and would need to surge past the $49.33 area in order to turn bullish again.
If the sellers drag the market beneath the surging support trend line, it can be considered that the market is bearish in the short term.
In the upside approach, the early level of resistance fibs at $47.70 which is provided by a bearish .382 Fibonacci Retracement.
This is pursued immediately with resistance at the 100-day EMA. Above the 100-day EMA, resistance lies at $49.33 (1.272 Fib Extension), $50, and $52.04 (1.414 Fib Extension).
If the sellers drag below the trend line, we can anticipate support to be located at $43 and $41.14 (.382 Fib Retracement). Below this, support lies at $40 and $38.09 (.5 Fib Retracement).
Evaluating the daily graph above, LTC had plummeted beneath the 100-days moving average at the beginning of the month after tumbling over from the resistance at $49.33 (1.272 Fib Extension level).
The coin proceeded to drop below the 1.272 Fibonacci level until lately striking the support at $44.60 which was further strengthened by a rising support trend line.
Every time LTC caught up with this trend line the buyers struggled to step back in to avoid the market from dropping further downward. This latest rebound should enable LTC to push higher and re-test the $50 level again.
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