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Litecoin overview: LTC/USD range-bound amid rising volume

  • The rising daily trading volume spells out a recovery that is likely to extend the gains.
  • Slightly bullish momentum is building above $59 range support.

LTC/USD closed the trading session last week after recording considerable gains from the weekly low at $52.82. The momentum corrected above the simple moving averages (SMAs) on Friday. This allowed the bulls to increase their grip on the price which later broke past the resistance at $60. LTC buyers had intentions to push the digital asset’s value further up but the bullish momentum fizzled out around $62.00.

The retracement from the weekly high slightly above $62.00 explored the levels below $60 but has remained supported at $59.00. The rising daily trading volume spells out a recovery that is likely to extend the gains above the range resistance at $62.00. According to CoinMarketCap, Litecoin’s daily volume stands at $1.6 billion.

Slightly bullish momentum is building above $59 range support. However, the upward motion will encounter initial resistance at $60. Similarly, both the 50 SMA and the 100 SMA 1-hour will limit gains at $60.21 and $60.38 respectively. According to the RSI (horizontal at 48.78), LTC/USD could stay sideways within the range for a few days. Besides, the chance for lower correction taking effect is high with the MACD unable to cross into the positive region.

LTC/USD 1-hour chart

 

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