- LTC/USD has gained 3.4% in recent 24 hours.
- The coin is ready for a correction from overbought territory.
LTC/USD hit $32.50 high during early Asian hours only to retrace towards $32.17 by the time of writing. The 7th largest digital asset with a market value of $1.9B has gained about 3.7% in recent 24 hours; however, further upside may be limited as the price hit a strong resistance area
The Relative Strength Index (RSI) on 1-hour chart has reversed from overbought territory, which confirms the idea of the downside correction with the first target on $32.00. This support area is strengthened by SMA100 (1-hour) currently at $31.93. If it is cleared, the downside may be extended towards a confluence of SMA200 (1-hour) and the short-term upside trendline from the recent lows.
This area is likely to stop the correction and serve as a jumping-off ground for a new upside move. The initial resistance is created by $32.50, followed by $32.74 (SMA200, 4-hour) and $33.90 ( the recent high).
LTC/USD, 1-hour chart
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