- Litecoin stays on the red zone despite the recovery from the recent lows.
- Bulls need to take out $130.00 barrier to proceed with the upside momentum.
Litecoin (LTC), the fourth most actively traded cryptocurrency with the current market capitalization of $7.8 billion, has recovered from Sunday’s low $119.66 to trade at $122.70 by the time of writing. Despite the recovery, LTC/USD is still down 6.2% on a day-on-day basis and over 7% in recent seven days.
From a technical point of view, the bulls are likely to face a substantial hurdle on approach to $125 with SMA200 (Simple Moving Average) 4-hour chart located on approach. Once it is cleared, the upside is likely to gain traction with the next focus on $129.30 (SMA50, 4-hour) followed by psychological $130.00.
However, the ultimate resistance lies with $135.60 (descending trend line resistance). The further upside will open up the way towards the yearly high of $145.63.
On the downside, the initial support is created by $120.00 barrier, followed by the recent low of $119.66. A sustainable move below this handle will open up the way towards the next bearish aim of $110.00 with the previous month low located at $109.89.
LTC/USD, 1-hour chart
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