- LTC/USD remains bullish in the near-term.
- Bulls have to reclaim $45.00-$45.30 to proceed higher.
LTC/USD bulls have done an excellent job pushing the coin off the recent low reached at $40.33. However, they faced stiff resistance at $45.00-$45.30, that has stopped the recovery twice recently. The fourth largest coin by a market value is changing hands at $44.42, mostly unchanged in recent 24 hours.
Meanwhile, the overall trend remains bullish as long as the price stays above $43.00 handle. This support area strengthened by SMA50 (4-hour) has been creating a sound barrier for the bears recently. A buying interest located around this area is likely to trigger another upside leg. However, if it is broken, the sell-off may gain traction with the next aim at psychological $40.00 and $39.38 (SMA100, 4-hour).
On the upside, we need to see a sustainable move above $45.30 for the recovery to gain traction. A decisive breakthrough will open up the way towards $47.20, which is the highest level of 2019, reached on February 10. It is followed by psychological $50.00.
The Relative Strength Index on the intraday chart stays flat, which means that the coin may remain rangebound for the time being.
LTC/USD, 4-hour chart
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