- LTC/USD has retreated from the intraday high amid growing bearish sentiments.
- The strong support is located on the approach to the recent low of $42.39.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.9 billion, has retreated below $47.00 level to trade at $46.00 at the time of writing. The coin is unchanged on a day-to-day basis and down 2.2% since the beginning of Wednesday. While the coin managed to recover from the intraday low of $45.79, the upside momentum is too weak to take the price above the local resistance of $47.00
Litecoin’s technical picture
From the intraday perspective, the nearest resistance awaits LTC on approach to $46.50. It is created by a cluster of technical levels, including SMA50 (Simple Moving Average), SMA100 and the middle line of the Bollinger Band on a 1-hour chart. If the bulls manage to push the price higher, the upside momentum may gain traction; however, we will still need to clear $47.00 (intraday high and psychological barrier) to have the short-term technical picture improved. The next barrier comes at $48.30 ( the upper line of 4-hour Bollinger Band) and $49.30 ( SMA50 (Simple Moving Average) 4-hour)
On the downside, a sustainable move below the intraday level of $45.79 will open up the way to $45.00, and to the recent low of $42.39. That’s where the new buyers are likely to join the game and initiate a recovery. However, once it is cleared, the sell-off may continue towards $40.00.
LTC/USD, 1-hour chart
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