- LTC/USD stays above $60.00.
- The downside may be extended due to profit-taking.
Litecoin (LTC), grew as high as $62.10 on Wednesday, However, profit-taking on speculative longs pushed the price back towards $60.00 handle. Moreover, Litecoin retreated to the fifth place in global cryptocurrency market rating, surpassed by EOS. LTC/USD is in a red zone on a week-on-week basis, The coin retains bullish stance as long as it stays above $60.00.
Litecoin’s technical picture
LTC/USD is moving in sync with the market as there are no fundamentals that might have served as a catalyst for the coin. From a short-term perspective, LTC/USD is moving in a range, limited by $63.00 on the upside and $57.00 on the downside. We need to see a sustainable move in either direction, to escape the consolidation phase, though there are no clear signals of a strong movement.
The 4-hour RSI has reversed to the downside, which means that the price may test the lower boundary of the range before another wave of recovery starts. Also, local support is seen at $60.00 with SMA50 (4-hour) located marginally below this handle.
On the upside, The recent high of $62.10 separates us from the ultimate resistance at $63.00, followed by $67.70. THis barrier is created by weekly SMA50. The last time LTC traded above this line back in May 2018.
LTC/USD, 4-hour chart
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