- LTC/USD is on recovery mode, but the upside is limited.
- Litecoin bulls need to take the price above $60.00 to improve technical picture.
Litecoin, the 7th largest digital asset with a market value of $3.4B, is changing hands at $58.65, off Wednesday’s low of $56.26. The coin is up 1.8% day-on-day and 2.2% higher since the beginning of Thursday. The coin’s average daily trading volumes are set at $470M. Litecoin is recovering in lockstep with other altcoins amid speculative positioning and technical factors.
The news that online cryptocurrency exchange service CEX.IO reintroduced previously revoked Litecoin support provided a short-lived boost to LTC prices, the momentum is fading away.
Litecoin’s technical picture
As it is visible on a 4-hour chart, LTC/USD’s recovery is capped by the upside trendline at $59.60. The line was broken on Wednesday and the coin failed to regain ground so far. The resistance created by the above-said broken trendline is followed by psychological $60.00 and $61,46 (October 2 high). If the bullish momentum will be sustained during the day, Litecoin will break the sequence of six bearish days.
On the downside, a sustainable movement below $56.52 (Wednesday’s low) will lead to extended losses towards $54.34 ( September 25 low) and, possibly, $50.52 (September 18 low).
LTC/USD, 4-hour chart
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