Home Litecoin (LTC) locked in a range amid low market activity
Crypto News

Litecoin (LTC) locked in a range amid low market activity

  • LTC/USD recovery is limited by SMA50 on a daily chart.
  • The bullish trend stays intact as long as the  price is above $60.00.  

Litecoin (LTC), the sixth-largest digital asset, has been moving sideways recently. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. At the time of writing, LTC/USD is changing hands at $61.63.  

Litecoin’s technical picture

From the longer-term, perspective a strong resistance is created by a combination of SMA50 (Simple Moving Average) daily and the upper line of the daily Bollinger Band at $65.75. Once it is out of the way, the upside is likely to gain traction with the next focus on  psychological $70.00 followed by September 18 high at $80.30. The sell-off is likely to be limited by $58.00 strengthened by the upper boundary of the previous consolidation channel. SMA50 daily at $57.16 will serve as an additional buffer on approach to critical $55.00.

LTC/USD, a daily chart

On the intraday level, LTC/USD is testing the lower line of 1-hour Bollinger Band. A sustainable move above this handle will increase the bearish pressure and push the price towards psychological $61.00 followed by Monday’s low at $60.43. The resistance awaits the coin on approach to $62.00 with SMA100 1-hour at $61.80.

LTC/USD, 1-hour chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.