Litecoin Technical Analysis: LTC/USD bulls barricade the $50 critical support

• Litecoin plunges towards $50 after failing to sustain gains above $60.
• Short term analysis puts the bears in charge, meaning Litecoin could welcome the weekend session while in the red.

Spot rate: $52.28

Relative change: -2.14

Percentage change: -3.9%

Trend: Bearish 

Volatility: Shrinking 

Support: $50 and $40

Resistance: $57 and $60

LTC/USD daily chart

If Litecoin’s ongoing bearish momentum dives under $50, the chances of the 50-day SMA stopping the losses are minimal.

The path of least resistance remains to the downside unless the support at $50 forced a reversal towards $60 in the near term.

LTC/USD 4-hour chart

Ongoing losses are bound to continue based on the continuous bearish session of the Elliot Wave Oscillator.

Recovery towards $60 remains an uphill task, including the resistance at the 100 SMA at $53.82 and the 50 SMA at $57.