Litecoin price analysis: LTC/USD moves above $67.00, back on recovery track

• LTC/USD needs to stay above $66.50 to retain bullish bias.
• The vital resistance is created by $70.00 handle.

Litecoin has been range-bound during early Asian hours amid slow trading activity. At the time of writing, LTC/USD is changing hands at $67.20, mostly unchanged both on a day-on-day basis and since the beginning of the day. The coin recovered above $67.00, which bodes well for Litecoin’s bulls; it may signal that LTC switched back into recovery mode. Litecoin’s market value is registered at $4.2 billion. This is the fifth-largest coin according to CoinMarketCap.

Litecoin’s technical picture

The initial support awaits LTC at $66.50. It is strengthened by SMA50 (Simple Moving Average) 1-hour. Once it is broken, the sell-off is likely to gain traction with the next focus on $65.70 (the middle line of 1-hour Bollinger Band and SMA200 1-hour).  A sustainable move below this area will allow for an extended downside move below $65.00 and towards Thursday’s low of $64.24.

On the upside, we will need to see a recovery above $67.50 (the upper line of 1-hour Bollinger Band and the intraday high). This development will motivate the bulls and push the price towards psychological $70.00 strengthened by the middle line of 1-day Bollinger Band.  

LTC/USD, 1-hour chart