Increasing volatility at LTC/USD limits all endeavors to build strong levels of support and resistance globally. Locally, the support level is $42, the resistance level is $55. But if we take a look at shorter trading time intervals, indeed $48 looks like a good support zone.
The following scenarios should be considered:
Tests of $42. In this case, trading volumes should be closely considered and monitored. It is very likely that this level will become the support zone after all.
Rise to $52, which is also a possible scenario. However, it will be harder to trade it without a good entry point so that risk/profit ratio remained acceptable.
Further decrease beyond $42, as well as a sudden rise in price above $55, are almost unlikely scenarios, from the current view.
As a result, the best scenarios for a trader will be tests of $42, since a good entry point might be set up there. If the price follows the second scenario, it is advisable to stay out of the market.
News and fundamental factors at BTC remain the same; they could be checked on in the previous market reviews.