Litecoin market update: LTC/USD nurses and lick wounds after the $50 support breach

• Litecoin breaks the higher low pattern to explore the rabbit hole beneath $50.
• Selling pressure refuses to slow down as the RSI retreats into the oversold territory.

Litecoin has for at least a month,   sustained the price above $50. On the upside, the movement remained hampered under $60. The lock-step trading experienced in the first three weeks was mundane and offered few  trading activities. Despite that, the broken trendline support shows the formation of a higher low pattern; an indication that bulls were largely in control.

Meanwhile, Litecoin could not escape the bearish wave that swept across the market on Wednesday. A painful downtrend put intense pressure on the key support established above $50. However, the declines ravaged though the support zone thrusting LTC below $48. A low formed just above $47 gave way to a shallow correction that has been unable to correct above $50.

The fifth-largest crypto in the world is trading at $48.76 after losing 1.59% of its value on the day. Besides the growing gap between the 50 Simple Moving Average (SMA) on the one-hour chart and the 100 SMA shows that immense bearish pressure is likely to continue pressing down on the support at $47 – $48.

Similarly, the Relative Strength Index (RSI) is slumming back into the levels under 30. The RSI trend is putting emphasis on the growing bearish momentum. However, a reversal could be headed the Litecoin’s way in the near term when extremely oversold conditions are met.

LTC/USD 60′ chart