Mirroring Bitcoin’s price movement, LTC/USD is also trading in the red on Tuesday. The pair hit a high of 5.35 levels on Monday, but failed to hold this level and closed at 5.14 levels.
It opened at 5.13 levels on Tuesday and further weakened to 5.025 levels, before hitting a high of 5.18 levels. It is trading at 5.05 levels at the time of writing.
Long term trend is bullish and the pair faces resistance at $5.73 (1.414% retracement of $4.88 and $2.82) and a break above will take it to 6.15/7.34 levels.
On the reverse side, support is likely to be found around $4.93 (23.6% retracement of $5.35 and $3.6) and any weakness below this level will see the pair dropping to break below targets $4.50/$4.18 (55 day EMA).
