- LTC/USD has resumed growth ground; the upside is limited by $100.00.
- A sustainable move above $100.00 is needed for an extended recovery.
Litecoin (LTC), the fifth-largest cryptocurrency with the market value of $6.1 billion has gained nearly 3% of its value on a day-on-day basis to trade at $98.00 at the time of writing. LTC/USD has stopped short of critical $100.00 handle amid strong bullish momentum developed on the cryptocurrency market during Asian hours on Tuesday.
Meanwhile, the Litecoin network successfully went through halving with miners reward now reduced to 12.5 LTC. The next halving will take place approximately on August 2, 2023.
“Since the halving, 12 blocks have been found in 17 minutes. It seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.” Litecoin’s creator Charlie Lee wrote on Twitter.
Litecoin’s technical picture
On the intraday charts, LTC/USD is initially supported by $97.61. This barrier is created by the middle line of the 1-hour Bollinger Band. Stronger support awaits us at $95.50. It is created by a confluence of SMA50 (Simple Moving Average) 1-hour, and SMA100 1-hour. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $94.41 (SMA200 1-hour and the lower line of 1-hour Bollinger Band).
On the upside, we will need to see a sustainable move above $99.70-$100.30 resistance area, created by SMA200 4-hour and an upper line of 4-hour Bollinger Band. Once int is broken, $016.86 (August 5 high) will come into focus.
LTC/USD, 1-hour chart
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