Litecoin Price Analysis: LTC/USD on fire, bulls set eyes on daily SMA200
|- Litecoin (LTC) is the best-performing altcoin out of top-10 on Saturday.
- LTC/USD may retest daily SMA200 if the upside momentum gains traction.
Litecoin (LTC) gained over 6% in the recent 24 hours and over 7% since the beginning of the day to trade at 47.41 by press time. The eights largest coin has become of of the best-performing altcoins out of top-10 on a day-to-day basis. Currently, the coin's total market value is registered at at $3.07 billion, while its average daily trading volume is $1.9 billion.
LTC/USD: Technical picture
Litecoin's strong recovery is mostly of a technical nature. A sustainable move above 100-day SMA at $44.00 increased the upside momentum and allowed the coin to hit $48.26, which is the highest level since June. The next critical resistance is created by 200-day SMA at $49.59. LTC has been trading below this MA since March 8, and it has been verified as strong resistance on June 2. Once it is out of the way, the upside is likely to gain traction with the next focus on $50.00 and $60.00.
On the downside, the local support is created by a 50-hour SMA on approach to $45.00. If it is broken, the sell-off may be extended to 200-hour SMA at $43.40 and to psychological $40.00.
LTC/USD daily 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.