- LTC/USD is rangebound with mild bullish bias.
- Clear move above $125.00 is needed for extended recovery.
Litecoin is changing hands at $120.60, unchanged both from the beginning of the day and since this time yesterday. Litecoin’s trading activity has subsided, but it is still moving within an upside trend, visible on a daily chart. The near-term support is created by the trend line, currently at $117.80, while the upside is capped by $125.00.
From the longer-term perspective, LTC/USD is rangebound. Trading volumes are stable at $352M despite shrinking volatility, with LTC most active at OKEx venue against USDT and BTC.
Litecoin technical picture
The short-term technical picture is positive as long as the coin trades above $120.00 area. That’s where new buyers come in and push LTC price higher. However, a sustainable break above $125.00 is needed to create strong bullish momentum and let the coin escape from the narrow range. If $120.00 gives in, the above-mentioned trend line at $117.80 will come into focus with a further bearish target at $109.35 (May 29 low). On the upside, a clear move above $125.00 will extend the recovery towards $130.00
LTC/USD, the hourly chart
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