Litecoin Rejects $50

Litecoin rallied after the FOMC event yesterday, but quickly met resistance around $50, just under our level at $51.92. We subsequently plummeted back to the $40's, finding support at $45.49. If support does not hold here, then $39.05 is the next target. If we are able to rally, then $51.92 is a likely ceiling for now. It is likely that LTC will range, and establish values at these levels, but if it plummets further $39.05 should be considered a floor price.