- LTC/USD is rangebound, despite recovery on a daily basis.
- The short-term picture is bearish as long as the price is below $80.00.
Litecoin is changing hands at $79.12 after a failed attempted to settle above $80.00 handle. The coin reached $80.62 high during early Asian hours on Thursday, but a fresh wave of selling orders pushed it back towards the starting levels. Litecoin’s market value is registered at $4.5B with average trading volume at $275M, which is substantially lower from $400M on Tuesday. Litecoin lost about $1B of its value in just a week.
Litecoin is moving in sync with Bitcoin and other major coins. It has gained about 4% in recent 24 hours, but the upside is limited to the lack of positive triggers. What’s more, the market movements are driven mostly by positioning and technical factors, which means that the coin is likely to continue trading sideways ahead of the weekend.
Litecoin technical picture
Litecoin’s intraday picture is dominated by bearish sentiments as long as the price stays below $80.00 handle. Once it is cleared, $85.00 followed by $85.28 (50-SMA, hourly chart) will come into focus. On the downside, the support is created by $74.00 and $73.33, which is the recent low reached on Sunday.
LTC/USD, the hourly chart
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