- Litecoin failed to retain ground above $30.00.
- Further upside looks unlikely from the short-term perspective
Litecoin is changing hands at $28.97 after a short-lived spike to $30.80 on Monday. The coin has gained over 7% in recent 24 hours; however, it is down 1.2% since the beginning of Tuesday. The upside momentum has faded away pretty quickly, taling all digital assets from recent highs, and Litecoin is no exception here. The digital coin now takes the 7th place with market value $1.7B.
Litecoin’s technical picture
On the intraday level, LTC/USD is hovering around $29.00; The price is supported by SMA100, 4-hour, at $28.69. This area is likely to stop the immediate selling pressure; however, a sustainable movement lower will increase the downside pressure and bring $26.00 handle into focus. This is another support area, created by a confluence of technical indicators, including the mid-line of 4-hour Bollinger Band (currently at $26.00). Short-term buyers are likely to return to the market at these levels; otherwise, LTC will reverse all Monday’s gains and return to $25.00 with SMA50 (4-hour) on approach.
On the upside, the ultimate resistance is created by $30.00, followed by Monday’s high at 430.35 and the upper-line of 4-hour Bollinger Band (currently at $30.70). Considering that the Relative Strength Index has reversed from an overbought territory, a strong recovery looks unlikely at least at this stage.
LTC/USD, 4-hour
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