Litecoin (LTC) price analysis: LTC/USD slides back inside an old range
|- Litecoin has been retreating from the recent highs above $60.00.
- Strong support is created on approach to $52.80.
Litecoin is changing hands at $56.63, down 2% since the beginning of the day and 1.5% on a day-on-day basis. The 6th largest digital asset with the current market value of $3.3 billion peaked at $60.12 on October 9 and has been moving down ever since. The coin is vulnerable to further losses considering the growing bearish sentiments on the cryptocurrency markets. Litecoin’s daily trading volume reduced to $2.4 billion from $2.7 billion on Thursday.
LTC/USD, the technical picture
Looking technically, LTC/USD returned to the recent range below $58.00 handle. This barrier now serves as an initial resistance strengthened by the middle line of one-day Bollinger Band (currently at $57.70). Ir the price damages to regain the ground and move above this area, the upside momentum might increase with the next bull’s target at psychological $60.00 Once it is out of the way, $62.60 will come into focus. This resistance is created by the long-tern sloping trendline from June 23 high at $66.50. The next resistance comes at $65.20 (SMA50 (Simple Moving Average) on a daily chart and $66.00 (the upper line of one-day Bollinger Band).
On the downside, the initial support is located at the lower boundary of the above-said channel at $52.80. It is followed by $50.39 (September 26 low) and psychological $50.00. A sustainable move below this area will open up the way towards $49.30 ( the lower line of the Bollinger Band on a daily chart).
LTC/USD, daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.