Litecoin market update: LTC/USD goes ballistic, smashes above weekly SMA200
|- LTC/USD has grown by 10% since the beginning of Tuesday.
- No clear signs of correction as of yet.
Litecoin (LTC) hit $69.22 high during Asian hours and retraced to $67.90 by the time of writing. The coin has gained over 10% of its value moving in sync with the rest of the market.
On the intraday charts, the price has entered an overbought territory, which means that the downside correction cannot be disregarded even though the Relative Strength Index has no signs of reversal.
The coin jumped above SMA200 (weekly) for the first time since August 2018. Now this area serves as a strong support that is likely to stop the short-term correction. Should it be broken, the sell-off will be extended towards $60.00.
On the upside, we will need to see a sustainable move above $68.00 to proceed to $70.0 and to the longer-term target at $86.90 (SMA100, weekly).
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