LTC/USD fell to 3.77 levels earlier in the day, before restoring to 3.83 levels at the time of writing (BTC-e). It continues to hover around 200-day MA.

Ichimoku analysis of daily chart:

Tenkan Sen: 3.90

Kijun Sen: 3.80

Trend reversal: 3.90 (90 EMA)

“The pair managed to close slightly above 200-day MA on Tuesday and is looking for a consistent break above that level. A close above 200 DMA would see further jump till 4.05 levels (September 08 high)”, FxWirePro said in a statement.

The pair faces major resistance at 3.90 (90 EMA) and a break above would see the pair testing 4.08 levels (100-day MA)/ 4.53 (July 2 high).

The pair has taken support near 3.73 (38.2% retracement of 3.22 and 4.05) and a break below would see further dip till 3.50 (psychological level)/ 3.22 (August 02 low).