Litecoin price analysis: LTC/USD jumps over 2% on the day, but still range-bound
|- Technical indicators show that the buyers have the influence in the short-term.
- The 100 SMA will limit retracement at $80.56 while the 50 SMA at $82.00 (upper supply zone).
Litecoin price is embracing the support at $76.00 while making attempts to retrace steps above the critical level at $80.00. LTC/USD is up 2.24% on the day but the intraday upside is still limited below $78.00. The trend is strongly bullish at the time of writing while the bullish signals will continue in the short-term.
The stochastic is advancing further up, similarly, the RSI on the same 1-hour timeframe chart is pointing north to show that the buyers have the grip. The 23.6% Fibonacci retracement with the last high leg of $89.89 and a low leg of $72.75 will limit the movements towards the critical resistance zone at $80.00. There are a couple of more resistance zones highlighted by the moving averages, where the 100 SMA will limit the upside at $80.56 and the 50 SMA at $82.00 (upper supply zone).
Litecoin is the 6th cryptocurrency by market capitalization. The trading volume surged during the trading session yesterday from $263,326,000 to $321,614,000. The crypto has come under heavy selling activity this week, besides its market capitalization decreased from $4.7 billion traded on Monday 9 to $4.6 billion recorded on Tuesday 10. Most of Litecoin trading takes place on OKEx with LTC/BTC taking up 14.91% of the total trading volume while LTC/USDT coming second at 10.36% of the total volume.
LTC/USD 1-hour chart
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