Litecoin accelerates its bullish momentum during this Wednesday’s session, however the price finds a good support around the 46.35 level. Risk aversion among cryptocurrencies has been pressuring prices down, especially with the current weakness in Bitcoin. The downtrend is still in place, but the price has visited one year low levels. Maybe that is why the price is trying to pullback and forms what it appears to be a hammer formation. The hammer is a bullish trend reversal patter, therefore if the current daily candle closes in the green, then the hammer is confirmed and we could see a bullish correction. On the other hand, the 55.85 level may act as resistance, because the 200 week EMA is right in that zone. Above the 55.85, its next resistance could be the 68.91 level along with the 55 day EMA.