- Litecoin is the weekend market leader.
- The short-term RSI implies some range-bound trading.
Litecoin catapulted to as high as $27.04 on Sunday before retracing to $26.00 by the time of writing. The digital coin now takes the 7th place with market value $1.5B. The coin is mostly unchanged since the beginning of the day amid rangebound trading on the digital assets market on Monday.
Litecoin’s technical picture
On the intraday level, LTC/USD is trying to settle above $26.00; however, this resistance level is strengthened by the middle line of the Bollinger Band (1-hour). The next resistance is created by the upper line of the Bollinger BandSMA100 (1-hour) at $26.47 and followed by $27.11 (upper line of the Bollinger Band, 4-hour). Once this area is cleared, the upside may be extended towards $28.74 (SMA100, 4-hour), and to psychological $30.00. Considering that the Relative Strength Index is is flat, the extended recovery looks unlikely at least at this stage.
On the downside, LTC/USD is supported by $25.00 with SMA50 (4-hour) on approach. A strong move below that level will increase the downside pressure and take Litecoin to $24.50 strengthened by the middle line of the Bollinger Band (4-hour). Once below, $23.00 and Friday’s low of $22.52 will come into focus.
LTC/USD, 4-hour
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