- LTC/USD has bumped into resistance on approach to $64.00.
- The bullish trend stays intact as long as thee price is above $60.00.
Litecoin (LTC), the sixth-largest digital asset, has been growing for the third day in succession. The coin’s price grew by nearly $5 and marked the best two days rally since mid-September. At the time of writing, LTC/USD is changing hands at $63.80, down from the intraday high of $64.01. LTC has gained nearly 3% in recent 24 hours and stayed unchanged since the beginning of the day.
Litecoin’s technical picture
Looking technically, a strong move above SMA50 (Simple Moving Average) daily created a precondition for a strong upside rally that took the price to the area above $64.00. While thee coin has retreated to $63.80, the overall sentiments remain bullish as long as it stays above $60.00.
On the upside, we will need to see a sustainable move above the psychological $64.00 for the bullish trend to gain traction. The next resistance awaits us on approach to $64.70. It is created by the upper line of the daily Bollinger Band. SMA100 at $67.70 might slow down the rally and trigger a downside correction.
On the downside, the initial resistance is created by the middle line of 4-hour Bollinger Band located at $60.70. It is closely followed by psychological $60.00 and $57.80 that served as an upper boundary of consolidation channel for the most part of October. If it is broken, the sell-off may be extended towards $52.80.
LTC/USD, a daily chart
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