LTC/USD has gained over 10% in the recent 24 hours.
The coin is ready for an extended recovery.
Litecon is one of the best-performing cryptocurrencies on a weekly basis. The coin has gained over 10% in recent seven days amid positive fundamental news that signals its broad adoption as a means of payment.
Thus recently, an auto dealer Bob Moore Auto Group added LTC to its payment options via a partnership with Aliant Payments. Apart from that, the community is excited about the upcoming Confidential Transactions feature that will bring LTC closer to the status of a privacy coin.
LTC/USD is hovering around $34.00, gaining 1.3% on a day-over-day basis. The coin retraced from Saturday’s high of $0.3490, but it stays above local support created by SMA50 (1-hour) at $33.75. A sustainable move lower will open up the way towards $33.25 (SMA100, 1-hour) and psychological $33.00. This development will add bearish colors to Litecoin’s technical picture and increase the selling pressure with the next aim at $32.25 (SMA200 1-hour).
On the upside, LTC bulls can build upon the recovery above $34.00 and push the price back towards recent high at $34.90. This barrier is closely followed by psychological $35.00. A sustainable move higher will open up the way towards the next significant resistance at $36.40.
LTC/USD, 1-hour chart
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