Litecoin Technical Analysis: LTC/USD reversal gains momentum as $40 level beckons

• Litecoin bulls give in the bears’ battering as the downside targets $40.
• Technical levels remain negative ahead of the weekend session.

Spot rate: $44.59

Relative change: -0.2169

Percentage change: -0.48%

Trend: Bearish

Volatility: High

LTC/USD daily chart

Litecoin grinds further from the key resistance line endangering the support at $40.

The Relative Strength Index suggests that the ongoing reversal will last longer.

LTC/USD 4-hour chart

A ray of hope emanates from the support established at the 50% Fibonacci level.

The path of least resistance is downward sideways; with sideways trading likely to take center stage in the near term.

LTC/USD 1-hour chart

The short-term trendline support is critical in stopping the possible declines targeting the $40 level.