- LTC/USD continues to recover strongly.
- The short-term upside potential remains strong.
Litecoin is changing hands at $76.02, off the Saturday’s low reached at $72.14. The coin has gained 3.6% on a daily basis and 1.5% since the beginning of Friday. The market value of the seventh largest coin settled at $4.3B, the average daily trading value is registered at $272M.
Litecoin’s technical picture
From the technical point of view, LTC/USD managed to climb above both 50 and 100-SMA (1-hour chart), now at $74.55 and $75.50 respectively, which makes the short-term picture look bullish. The next target is set at $78.00, as this handle capped the recovery attempts in the first days of August. A 200-SMA at 78.20 will add credibility to the resistance. It it is cleared, the upside may be extended towards psychological $80.00
If the above said support levels, created by 50 and 100-SMAs, give way, the price might slip to $73.80 (former 2018 low) and continue its trip to the South with the next goal set at $72.14 (Saturday’s low).
LTC/USD, 1-hour chart
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