Search ForexCrunch
  • LTC/USD is rangebound amid lack of momentum.
  • Positioning and speculative trading rule  the market.

Litecoin is changing hands at $80.92, unchanged on daily basis amid lack of momentum on global cryptocurrency market. Litecoin’s market value is registered at $4.6B with average trading volume at $413M. Litecoin shed about $1B of its value in just a week.

Litecoin has recovered from Sunday’s low at $73.40, but it is still trading below  $93.00, the line that served as a support for a long time, and now turned into a resistance level. The immediate support is created by 50-SMA at $80.00. Once it is broken, the sell-off may be extended towards $78.00 and further on to $74.00. On the upside, the recovery is capped by local resistance $82.25 (100-SMA), followed by $89.57 (200-SMA).

Litecoin is moving in lockstep with other major coins, which means that speculative sentiments and short-term positioning define the short-term momentum of the coin.

LTC/USD is down nearly 65% since the start of the year, but it is still 120% higher on year-on-year basis.

LTC/USD, the hourly chart