LTC/USD takes back $60 support, is $65 hurdle breakable?

  • Litecoin has managed to avert the potential slide to $50 by resurfacing above $60.
  • The technical picture is getting better especially with RSI gradually sloping upwards.

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

In the meantime, LTC is dancing at $60.37. The price is battling the resistance at the 50% Fibonacci retracement level taken between the last swing high of $68.69 to a swing low of $47.25.

The Relative Strength Index (RSI) is also reversing towards the average after testing the 30 level. The RSI has been forming a lower high pattern over the last one week. The slightly oversold conditions are contributing to the ongoing bullish action.

LTC/USD 1-hour chart

Crypto Destroyer

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