Litecoin price analysis: LTC/USD sits above $60.00 waiting for buyers

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  • LTC/USD managed to stay above $60.00, but further momentum is weak.
  • The positive fundamental news failed to push the coin much higher.

Litecoin, the 7th largest digital asset with a market value of $3.5B, regained ground above 60.00 handle after a short-lived spike to $61.46 during early Asian hours. The coin is mostly unchanged both day-on-day and since the beginning of Thursday. The coin’s average daily trading volumes are set at $450M. Litecoin is rangebound amid declining volatility, unchanged on a day-on-day basis.

What’s going on

Litecoin has enjoyed a steady flow of positive fundamental news recently, including Gemini decision to introduce LTC support as of October 31 and coin’s introduction to CoinText service, which allows users to send virtual money to a mobile phone number. This news allowed LTC to gain nearly 6% in recent seven days. However, it is still down 7% as compared to the previous month.

Litecoin’s technical picture

As it is clearly visible on a 4-hour chart, LTC/USD is supported by SMA50 (4-hour) at $59.91. The price has been staying above this technical indicator since September 27. Litecoin is moving within the short-term upside channel with the lower border at $59.00 creating a tough hurdle for Litecoin sellers. That’s where fresh buying interest is likely to appear and push the price back inside the channel. 

On the upside, LTC/USD is capped by Asian high at $61.46, though, once this level is cleared, the recovery may be extended towards the next psychological barrier at $62.00 and to September 30 high at $63.00.

LTC/USD, 4-hour chart

https://forexcrunch-wpengine.netdna-ssl.com/wp-content/uploads/2018/10/LTC_USD252028229-636740704190201429.png

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