Can Litecoin Hold the $50's?

Litecoin made a run for $55.84 as we mentioned in the reports yesterday. This proved to be a hard upper bound, as anticipated, and prices quickly retraced back to support in the low $50's. Currently, $51.92 is holding, and this should come as no surprise to dedicated readers who have heard this level called out over and over again. If support does not hold then $50.64 is the final barrier between the $40 and $50 handles. If we are able to pivot, we could potentially test $55.84 again, but we are sure to encounter steep resistance here again.