Litecoin price analysis: LTC/USD recovery stalls under $60, fails to avert the downtrend

• Litecoin price weekend action lost steam at $60.
• The trendline support and the $56 support area are in line to prevent LTC from refreshing levels towards $50.

Litecoin bulls’ failure to send the price above $60 means that the path of least resistance is still southwards. The weekend session was characterized by a shallow recovery from the most recent support at $56. The minor recovery was aided by the ascending trendline.

In the meantime, LTC is trading at $58.48 and is in the middle of a reversal movement from the $60 hurdle. The 50 SMA adding to the resistance at $60, its double-cross beneath the 100 SMA on the 4-hour chart suggests that the bearish action will last longer.

The MACD is still below the mean line but the visible bullish  cross suggest that LTC buyers have some influence left over the price. The downward sloping motion of the RSI, however, complicates  the technical picture as it suggests that the path of least resistance is to the south. It is clear that as long as LTC stays below $60, the danger of dropping under $50 will remain in place.

LTC/USD 4-hour chart