Litecoin hovers above $53.00 amid growing bearish pressure
|- LTC/USD has lost 2.5% on a day-on-day basis amid global sell-off
- At the time of writing, the coin is range-bound with a bearish bias.
Litecoin has been range-bound with bearish bias after a strong sell-off on September 24. The sixth-largest digital coin with the current market value of $3.3 billion is changing hands at $53.13, down 2.5% in recent 24 hours. Litecoin bottomed out at $50.39 on September 26, however, the upside momentum remains weak.
Litecoin’s technical picture
From the long-term perspective, LTC/USD needs to recover at least above $60.00 for the recovery to gain traction. This barrier is followed by the middle line of a Bollinger Band on a daily chart at $66.50 and SMA50 (Simple Moving Average) daily on approach to psychological $70.00. However, the critical resistance is created at $172.70 by the long-term sloping trend line from June 22 high at $141.80 (closing level). We will need to see a sustainable move above this handle before we can claim that Litecoin’s technical picture has improved.
On the downside, the local support is located at $53.00, followed by the psychological $50.00 strengthened by the recent low. Once it is out of the way, the downside is likely to gain traction with the next focus on $49.20 (the lower line of a Bollinger Band on a daily chart).
LTC/USD, daily chart
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