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![Litecoin [LTC] bulls defend $50 with their lives, but were their efforts in vain?](https://cryptonoiz.com/wp-content/uploads/2022/07/PP-1-LTC-cover-1000x600.jpg)
Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.
Bitcoin [BTC] was in a position to rise previous the $20.7k resistance stage however confronted extra promoting strain above the $22k mark. At press time, the king of crypto was buying and selling at $21.5k. The transfer upward from the $19k space over the previous week noticed Litecoin [LTC] climb meekly from $48 to $52. Nonetheless, regardless of the powerful struggle to reclaim the $50 space, an uptrend was not but established.
LTC- 6-Hour Chart
Supply: LTC/USDT on TradingView
In late Could, Litecoin established a variety from $60 to $74. In early June, the worth fell sharply beneath this vary. The swing excessive and low of this transfer have been used to plot the Fibonacci retracement ranges (yellow) on the worth chart.
Usually, 61.8%-78.6% retracement space gives stiff resistance. The 38.2% retracement stage can also be key, as the worth usually retests this stage as assist earlier than shifting upward to the 61.8% stage.
For Litecoin, it may be seen that the 38.2% stage has acted as a stable resistance space over the previous two weeks. Due to this fact, shopping for alternatives would seemingly not arrive till the $53 stage was flipped to assist.
On decrease timeframes, the $50-$52 zone was necessary, and LTC bulls continued to struggle to determine dominion over this belt.
Rationale
Supply: LTC/USDT on TradingView
Regardless of their powerful struggle, the symptoms confirmed that the consumers had not made a lot progress. The Relative Power Index (RSI) didn’t present a development in progress, although it was above impartial 50. The truth is, it has oscillated between 60 and 40 for the higher a part of the previous month. This hinted at a variety greater than a robust development behind Litecoin.
The On-Stability Quantity (OBV) was additionally shifting sideways over the previous month, and we are able to infer that purchasing strain has considerably died out in current weeks. The Chaikin Cash Stream (CMF) agreed with this inference, because it has did not climb previous +0.05 previously three weeks of buying and selling.
Conclusion
Litecoin managed to halt its plunge at $48, and likewise climb previous the $50 mark. But, it was not ample proof to level towards a transfer larger for LTC. The $53 stage was essential. A flip of this stage to assist can supply a shopping for alternative focusing on $61.
