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  • LTC/USD has lost over  4% of its value since the beginning of the day.
  • At the time of writing, the coin is moving with  the short-term bearish bias.

Litecoin is changing hands at $53.23. The coin has been sliding down since the beginning of Sunday amid growing bearish sentiments in the market. While LTC/USD managed to recover from the intraday low under $53.00, it is still down over 4% since the beginning of the day and 3.5% on a day-on-day basis. The market capitalization of the coin settled at $3.3 billion.  

Litecoin’s technical picture

Looking technically, LTC/USD needs to recover at least above $55.00 to mitigate the initial bearish pressure. This barrier is created by a confluence of technical indicators including SMA50 (Simple Moving Average) and SMA100 on one-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on  psychological $60.00, closely followed by SMA50 four-hour at $61.70 and SMA200 one-hour at $62.00.  

On the downside, the local support is located at $53.00, followed y the intraday low at $52.93. A sustainable move lower will attract new sellers and push the price towards critical $50.00 with September 26 low located on approach. That’s where new buyers are likely to join the game and trigger the recovery.  

LTC/USD, one-hour chart