- LTC/USD settles well above critical $50.00 negating the downside pressure
- DMA200 serves as a strong support area.
Litecoin (LTC) is hovering above $52.00 handle, having recovered from Monday’s low at $45.10. The 5th largest coin with a market value of $3.2B gained over 13% of its value since this time on Tuesday, amid strong buying interest.
From the longer-term point of view, DMA200 at $44.06 appeared to be strong enough to engineer a strong buying interest that sent LTC above several resistance levels to as high as $54.63.
While LTC/USD gave in some ground amid healthy correction, it is still moving within the upside trend and holds above all daily SMA levels.
The next short-term bullish target comes at a psychological $54.00. Once it is cleared, the coin may retest the recent high at $54.63 and proceed to the next barrier at $55.00.
On the downside, a sustainable move below $50.00 will tame the short-term bulls and create favorable conditions for a further correction towards $47.30-$7.70 area strengthened by a confluence of SMA50 and SMA100 (4-hour chart).
Once below, the sell-off may continue towards the above-said DMA200 at $44.06.
LTC/USD, 4H chart
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