- Litecoin bulls are ready to defend the 1.65% gain on the day in a bid to stays above $60.
- The technical picture remains strongly positive as the RSI enters the overbought territory.
Litecoin is in a bullish phase after recovering from the 50’s range. The ongoing gains, although shallow have been able to place LTC in a trajectory above the trendline support. Litecoin is teetering above the Simple Moving Averages (SMAs) on the four-hour chart.
The 50 SMA has been turned into a support area currently at $58.92 while the 100 SMA is in line to offer support at $56.48. The Relative Strength Index (RSI) in the same range, is brushing shoulders with the overbought (70). Further correction north will revive gains towards 70 but retreat from the same level will signal a reversal.
At the same time, the Moving Average Convergence Divergence (MACD) suggests that the bulls will hold onto the influence they have over the price in the coming European session. The 61.8% Fib level taken between the last high at $64.17 to a low of $47.20 is the initial support. Other key areas are, $54.00 and $48.00.
Read also: Stellar (XLM) bursts into gains: Up 20% amid the ongoing Stellar Meridian Conference
LTC/USD 240′ chart
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