- LTC/USD has regained ground; however, the upside momentum is not strong enough.
- A sustainable move above $100.00 is needed for an extended recovery.
Litecoin (LTC), the fifth-largest cryptocurrency with the market value of $6 billion has gained about 3.5% of its value on a day-on-day basis to trade at $95.30 at the time of writing. LTC/USD has broken free from the recent range; however, the further upside is limited at this stage despite the upcoming halving.
Read more about Litecoin’s halving here
Litecoin’s technical picture
On the intraday charts, LTC/USD is initially supported by $94.50. This barrier is created by the middle line of the 4-hour Bollinger Band. Stronger support awaits us at $94.00. It is created by a confluence of SMA50 (Simple Moving Average) 1-hour, and SMA100 4-hour. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $93.21 (SMA50 4-hour and the middle line of 1-hour Bollinger Band).
On the upside, we will need to see a sustainable move above $95.80 (the upper line of 1-hour Bollinger Band) and $96.20 (the recent high) to proceed with the recovery. A strong resistance comes at $98.20 (the upper line of 4-hour Bollinger Band). Once int is broken, critical $100.00 strengthened by SMA200 4-hour will come into focus.
LTC/USD, 4-hour chart
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