- Litecoin shattering breakdown finds support above $62.
- Reversal is lethargic although technical indicators are primed for an up-trending market.
Litecoin is lagging behind its peers in the ongoing recovery. A shed of green is spread across the market with most cryptocurrencies posting gains between 0.1% and 5% on the day. Litecoin is up a subtle 0.7% on Friday.
The shallow recovery has legs drilled deep in the vital $62 support. Although dancing with $64, the upside is limited by the 50 Simple Moving Average (SMA) currently holding the position at $65.80.
The shallow trend has backing from improving technical levels. The full stochastic oscillator is sharply heading towards the overbought after a brief dive into levels under 30. Also, the Moving Average Convergence Divergence (MACD) is heading north with a positive divergence almost crossing into the positive region.
These improving technical levels after the shattering drop yesterday could courage the bulls to increase their position. Litecoin price must reclaim the position above $70 in order to come out of the danger zone.
LTC/USD 1-hour chart
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