Litecoin (LTC) price analysis: LTC/USD stays close to $55.00; bears dominate the market
|- LTC/USD has returned to the area above $55.00.
- The bullish recovery may be limited by psychological $56.00.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $3.5 billion, has been moving inside a range with bearish bias during early Asian hours. LTC/USD bottomed at $54.23 on Tuesday and recovered to $55.21 by press time.
Litecoin's technical picture
From the intraday, perspective a strong resistance is now created by a combination of SMA50 (Simple Moving Average) and the upper line of 1-hour Bollinger Band at $56.00. Once it is broken, the sell-off may be extended towards SMA100 1-hour at $57.30 followed by the next psychological barrier of $58.00.
On the downside, we will need to see a sustainable move below Tuesday's low of $54.23 and $54.00 for the sell-off to gain traction. Once it is cleared, a psychological $53.00 will come into view. This barrier is reinforced by the lower boundary of the previous consolidation range. The longer-term support is created by $50.00.
LTC/USD, 1-hour chart
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