The price of Litecoin is struggling to maintain an upward momentum as it threatens to break below the support level of $50. If the coin does go below $50, the next key support level would likely be at $44 and $36. Bulls need to make the price go above $66 level to encourage traders to move back into short-term long positions.
If LTC manages to trade above $50, then the key resistance is found at $66 and $73.50. Yesterday Litecoin slid from an early morning high $56.61 to intraday low $53.62and broke two major support levels at $55.56 and $54.68 before rising again to $56.87 today.
According to trend analysts, Litecoin right now is in a vulnerable technical position. Failure to hold onto $56 levels could see the token dive down to below $50. Let us know in comments where do you think the price of Litecoin is heading in the short term?
