- LTC/USD is down 3% amid global sell-off.
- The forecast is favorable as long as it stays above $40.00.
LTC/USD touched the intraday low at $40.33 before recovering to $41.28 by the time of writing. The coin reclaimed the fourth place in the global cryptocurrency rating despite a 3% price decline. LTC remains one of the best performing coins in recent seven days with nearly 25% of gains.
Looking technically, LTC/USD has a chance to resume the recovery as long as the price stays above $40.50, guarded by SMA50 (4-hour chart). It is followed by psychological $40.00.
Meanwhile, the critical support area lies with $34.50-$34.00, created by DMA50 and DMA100 a sustainable move lower will darken the short-term technical picture and push the coin back into the bearish trend.
On the upside, the short-term resistance is produced by $42,60 (SMA50, 1-hour) and $43.30 (SMA100, 1-hour). A move higher will clear the way towards a stronger resistance of $46.70 created by DMA200 and the recent high of $47.36.
The Relative Strength Index on a daily chart stays flat, which means that the coin may continue moving within the current range for the time being.
LTC/USD, 1-hour chart
Share
