Litecoin price analysis: LTC/USD gives back earlier gains, down 3.5%
|- LTC/USD has lost some ground, managed to stay above $91.00 handle.
- The initial resistance is created by $92.70 level.
Litecoin (LTC) has stayed above $91.00 handle despite a setback on the cryptocurrency market during early Asian hours. The fourth-largest digital asset with the current market capitalization of $5.7 billion is trading at $91.36, losing about 3.6% on a day-on-day basis and 2% since the beginning of Friday. LTC/USD is moving in lockstep with the recovery on the cryptocurrency market.
Litecoin's technical picture
On the intraday charts, LTC/USD is initially supported by psychological $91.00, which also coincides the intraday low. Once this barrier is broken, the sell-off may continue towards $90.00 and $88.00 strengthened by the lower line of 4-hour Bollinger Band. The next support is created by $84.65 (50.0% Fibo retracement for the large upside move from $22.88 low), followed by $77,50 (the lower line of 1-day Bollinger Band and SMA200 (Simple Moving Average) on a daily chart).
On the upside, we will need to see a sustainable move above the middle line of 4-hour Bollinger Band at $92.70 for the upside to gain traction. The next resistance comes $95.60 (SMA50 4-hour); it is followed by $97.50 (a combination of the upper line of 4-hour Bollinger Band and SMA100 4-hour). Once it is cleared, the recovery may be extended towards the ultimate resistance at $100.00.
LTC/USD, 4-hour 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.