Litecoin Market Overview: LTC/USD relaunches another shot at $70
|- Litecoin bulls back in the driver seat after couple of days walloping in selling activities.
- Litecoin immediate upside is capped at $70 while the 200 SMA provides immediate support at $69.11.
Litecoin is trading in the green after managing to come out of the ‘crypt’ it had fallen into in the last couple of days. The Asian session was also characterized by selling pressure. However, the European session is seeing the bulls swing in action across the board.
After opening the session on Wednesday at $67.90, LTC/USD has adjusted upwards by 1.91% to trade at $69.24. All eyes are set on breaking the resistance at $70 as well as $72.
Looking at the technical indicators in the hourly range, Litecoin is indeed prime for more action northwards. The RSI, for instance, is almost breaching its way into the overbought region. The MACD is also on the verge of crossing into the positive territory. A bullish divergence cements the bulls’ position and influence on the direction the price will take in the coming sessions.
If Litecoin fails to rise above $70, a lower correction would be the most probable action. Support is expected at the 200 SMA in the 1-hour range. Further losses will seek refuge at $67.50 while the 50 SMA is holding ground at $66.21.
LTC/USD 1-hour chart
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