LTC/USD gets some hope after a 1.7% surge to $42

July 14, 2020 John Litecoin 0

  • LTC/USD is trading inside a daily downtrend below important EMAs
  • Litecoin is facing a lot of resistance towards $50.

Litecoin is currently under a lot of selling pressure, the small bullish breakout from Bitcoin is helping Litecoin but it’s certainly not enough. The daily downtrend is still here and bulls will need a lot of strength to reverse the trend. 

LTC/USD daily chart

Even with this 1.7% move to $42, Litecoin still needs to crack $42.04, the high on June 30 and $42.23, the high on June 29. Buyers are also facing the 12-EMA resistance level established at $42.38 followed by the 26-EMA at $43.27. There is more resistance around $43.54 and $44 psychological level. 

Unfortunately, when it comes to support levels, Litecoin doesn’t have many besides the low of June 27 at $39.44 and $38 from April 16. 

LTC/USD technical levels