LTC/USD slightly recovered on Wednesday and hit a high of 4.84 levels so far in the day. It currently trades at 4.69 levels (BTC-e) at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 5.02

Kijun-Sen level: 4.854

LTC/USD faces resistance at 4.85 (kijun) and a consistent break above this level will see the pair testing  5.02 (tenkan-sen). On the downside, support is eyed at 4.38 and break below will target 4.03/3.60.

The pair has taken support at 4.39 (61.8% retracement of 3.60 and 5.65) and recovered from that level. According to FxWirePro, the short-term trend is slightly bullish and a jump till 5.05 (7 day EMA) is possible.