Litecoin suffers yet another blow on failing to break $55 resistance zone. The zone $50 – $53 is presenting itself as a key support that must be defended at all cost. The cryptocurrency market suddenly turned bearish on Friday. Although the Asian session was characterized by intense pressure on support areas, most of the damage has been made during the current European session. Litecoin resumed the downtrend after testing $55 on Thursday. The bears are extending the leg towards $50. However, LTC/USD is holding ground above $53. The immediate upside is limited by the 100 Simple Moving Average (SMA) on the hourly chart currently at $56.68. The two months-long trendline is still restricting gains on the upside. Besides, the double-cross of the 100 SMA below the 200 SMA $68 suggests that traders should expect a lower consolidation in the near-term. The dropping Relative Strength Index (RSI) puts emphasis on the escalating bearish pressure. The downside presents $50 -53 as key support. Therefore, if this support is breached, it will be as if Litecoin has jumped into a bottomless pit as the only other viable support is around $22. LTC/USD one-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD consolidates near 1-month tops, comfortably above 0.6800 handle FX Street 3 years Litecoin suffers yet another blow on failing to break $55 resistance zone. The zone $50 - $53 is presenting itself as a key support that must be defended at all cost. The cryptocurrency market suddenly turned bearish on Friday. Although the Asian session was characterized by intense pressure on support areas, most of the damage has been made during the current European session. Litecoin resumed the downtrend after testing $55 on Thursday. The bears are extending the leg towards $50. However, LTC/USD is holding ground above $53. The immediate upside is limited by the 100 Simple Moving Average (SMA) on… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
