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  • LTC/USD’s bulls are losing their enthusiasm.
  • The price needs to stay above $55.00 handle.

Litecoin, the 7th largest digital asset with market value $3.3B, is changing hands at $55.70, down 0.46% on a daily basis. The coin’s average daily trading volumes are set at $256M, which corresponds to the longer-term average. LTC movements are dominated by broader cryptocurrency market sentiments amid lack of Litecoin specific fundamentals.

Litecoin’s technical picture

Looking technically, a sustainable break below $55.56 support, created by 38.2% Fibo retracement level for the downside movement from September high at $69.30, may push the price towards psychologically important $55.00 and $54.40 (SMA200, 1-hour). That’s where fresh buying interest may appear.

On the upside, the first resistance is seen at $56,00, followed by SMA50 (1-hour chart) at $56.79. Once this area is cleared, the recovery may be extended towards ultimate short-term goal at $60.00.

Fundamentally, Gemini announcement of upcoming  Litecoin support boosted LTC prices, but the market reaction proved to be short-lived. The news was revealed during Litecoin Summit by  Eric Winer, the exchange’s Vice President of Engineering, on September 14.

“We are working on adding Litecoin”¦ we are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!”

LTC/USD, 1-hour chart

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