- Litecoin is likely to settle in a range between $46 and $50.
- The technical picture is positive as a sign of buyer relentlessness in pushing for recovery.
Litecoin has been shredding its value since June highs around $146. The halving event in August did very little to spur growth. Instead, the crypto has continued to shred its value beneath several key support levels including $80, $60 and the recent break below $50.
Following the breakdown $42 level came out as a vital support area, Litecoin bulls took advantage of the low price to get more positions. However, the momentum has not been strong enough to convince the bulls that the reversal is significant.
Meanwhile, LTC is exchanging hands at $47.90, sitting above the moving averages. The 50 SMA double-cross above the 100 SMA on the 1-hour chart, shows that LTC is attracting bullish influence. In the event of a reversal, the 50 SMA and the 100 SMA at $46.83 and $46.36 respectively will provide support.
The uptrend is also being nurtured above rising trendline support whose support is still intact. The RSI hints sideways trading trend in the coming sessions. The MACD shows that the momentum is in favor of the bulls and more action northwards is possible.
