Litecoin Price Analysis: LTC/USD retreats below $63.00 as bullish momentum fades away

Litecoin hit the recent high at $63.38 on Thursday only to retreat to $62.80 by the time of writing. The 7th largest digital asset with the current market value of $4 billion has been moving in sync with the market; however, the recovery may be limited as the price failed to settle above $63.00. Litecoin’s daily trading volume is registered at $4.6 billion, while only 36% of Litecoin addresses are in the money at the current price.

LTC/USD: Technical picture

On the intraday charts, LTC/USD is locked in a tight range with the local resistance created by psychological $63.00 and the upper line of 1-hour Bollinger Band at $62.24 and the recent high of $63.38. If it is cleared, the upside may gain traction with the next focus on $64.00. On the downside, the first support comes at $62.30 ( the middle line of 1-hour Bollinger Band); however, a stronger barrier is seen on approach to $61.00 with several technical indicators clustered on approach to that level. They include SMA50 and SMA100 1-hour, the lower line of 1-hour Bollinger Band.

LTC/USD 1-hour chart

On the longer-term scale, LTC/USD bottomed at $56.50 on March 1 and has been gaining ground ever since. The coin retains positive bias as long as it stays above psychological support of $60.00. Once it is out of the way, the sell-off may be extended towards SMA200 daily at $58.50. Meanwhile, the critical resistance is created by SMA50 daily at $67.00, which coincides with the lower boundary of the previous channel.

LTC/USD daily chart