Litecoin price analysis: LTC/USD is trapped in a range, recovery is limited
|- LTC/USD retraced from recent highs amid market jitters.
- The upside is capped by Wednesday's high at $89.23.
Litecoin is changing hands at $84.80, after hitting $89.23 on Wednesday. The coin is unchanged on daily basis, however, the bearish momentum or early Asian hours is gaining traction and threatening to push the coin to critical $80.00. Litecoin's market value is registered at $4.8B with average trading volume at $289M.
While wider adoption is supportive of the prices, overall market sentiments and speculative positioning keep the lid on the recovery attempts. Upcoming cryptocurrency ban, imposed by India's Supreme court adds pressure to Litecoin.
Litecoin technical picture
Litecoin is capped by 50-SMA (1-hour chart) at $85.94, once it is cleared, the upside may be extended towards Wednesday's high at $89.23. On the downside, the support is seen at $83.75 (100-SMA), followed by $81.00 (200-SMA).
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