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Litecoin Technical Analysis: LTC/USD holding above $40

FX Street
Updated:
  • Litecoin extends the bullish leg towards $42.00 resistance but a descending trendline stands in the way.
  • LTC/USD bullish action is supported by both the RSI and the MACD.

Litecoin is slightly in the green even though the majority of cryptocurrencies in the market are in consolidation. Bitcoin is holding the ground above $9,100, Ethereum is flirting with $225 while Ripple is trading below $0.18. LTC/USD is exchanging hands at $41.00 while battling the resistance at the descending trendline. The bulls have their eyes on $42.00 seller congestion (also previous support).

On the downside, LTC/USD is embracing support at the 50 SMA. Other key support areas include at $41.00, the range between $40 and $40.50. For now, breaking the above the trendline resistance is a priority among the bulls.

Technically, Litecoin is in the hands of the bulls as supported by the upward-pointing RSI. A movement towards the overbought region would boost the bulls’ confidence in the recovery. Moreover, signals from the MACD display a stronger bullish picture. Besides, the MACD has just crossed into the positive region and is featuring a bullish divergence.

Read more: Cryptocurrency Market News: Bitcoin popularity surges in the UK

LTC/USD daily chart

 

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