What are the odds of LTC/USD smashing above $60?
- Litecoin recovery stalls as the price begin to range between $55 and $60.
- In order to break the resistance at $60, Litecoin bulls must defend the support at $55 in the near term.
Litecoin, alongside, most of the cryptocurrencies in the space is dealing with increasing selling pressure. The selling activity appears to be a reflex action after the cryptos surged above key resistance zones to post new 2020 highs. Litecoin, for example, has grown significantly from the levels at the beginning of August under $40 to brush shoulders with the resistance at $60.
The winning streak is not yet in jeopardy as support is likely to be established above $55. The Relative Strength Index downward-pointing action signals rising selling pressure.
However, it appears that dust will settle in the range between $55 and $60. From here, the bulls are likely to launch another assault on the resistance at $60. Additionally, support is expected from the 50-day SMA at $44.5.
LTC/USD daily chart