- LTC/USD has returned to the area above $50.00.
- The bullish recovery may be limited by intraday SMA50.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $3.2 billion, has been consolidating losses during early Asian hours. LTC/USD bottomed at $48.29 on Thursday and recovered to $50.15 by press time.
Binance added LTC support to its DEX platform, however, the market is slow to react to the news.
Litecoin’s technical picture
From the intraday, perspective a strong resistance is now created by SMA50 (Simple Moving Average) at $53.20. Once it is broken, the recovery may be extended towards $54.50, reinforced by SMA100 1-hour at $54.70 and the lower boundary of the previous consolidation channel.
On the downside, we will need to see a sustainable move below psychological $50.00 for the sell-off to gain traction with the next ail at Thursday’s low of $48.29. Once it is cleared, October 23 low at $47.20 will come into focus.
LTC/USD, 1-hour chart
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