- LTC/USD is locked in a range with a downside bias.
- Recovery above $53.00 is needed to mitigate bearish pressure.
Litecoin is changing hands at $52.15, unchanged on a daily basis. The market value of the 7th largest coin is registered at $3B, while the average daily trading volumes reached $270M. While the coin is still in a tight range, bearish sentiments are growing stronger, which means that the short-term risks are tilted to the downside.
Litecoin’s technical picture
On the charts, LTC/USD is moving sideways inside a range limited by $51.80 on the downside and the congestion zone $53.00 on the upside. The way to the North is riddled with technical resistance levels like 1-hour SMAs and 4-hour SMA50; however, a sustainable move above $53.00 will strengthen short-term bull’s position and pave the way towards the next target at $56.00 guarded by DMA50.
On the downside, the local support is created by the above mentioned $51.80 handle and followed by $51.00. Once below, the sell-off may be extended towards $50.17 (October 11 low) and $50.00.
LTC/USD, 1-hour chart