LTC/USD healthy technical picture; why the $40 resistance is unbeatable?

Fibo Quantum

  • Litecoin price stuck under $40 but technical levels remain positive especially with the RSI above 50.
  • An ascending trendline continues to be instrumental in the LTC/USD gradual recovery journey.

Litecoin price hovers marginally under $140. For several days, breakouts above this $40 zone have been unsustainable, always resulting in declines towards the initial key support at $35. However, LTC/USD exhibits a healthy technical picture both in the short term and the long term.

At the time of writing, Litecoin price is trading at $39.42. It is among the cryptocurrencies in the green on Thursday. From the opening value of $39.28, LTC/USD has advanced upwards by 0.53%.

Litecoin price technical picture

Looking at the 2-hour chart, the crypto has managed to hold above a gradually ascending trendline. On numerous occasions, the trendline has forced a bounced upwards when sellers were determined to pull LTC back to the major support at $25.

Meanwhile, immediate support is provided by the 50 SMA at $38.58. The second key support is the 100 SMA at $37.50.  The most critical zones are $40 on the upside and $35 on the downside. A break above $40 would give the bulls a boost towards $50. However, a break under $35 could wake up the bears, forcing LTC down a painful path to the support at $25 and $20 respectively.

LTC/USD 2-hour chart

 

Wood Profits Banner>