Litecoin Price Analysis: LTC/USD switched to the recovery mode
|- LTC/USD has recovered above $43.00 moving in sync with the market.
- The technical picture implies that the coin may regain come ground.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.8 billion, has gained 1.3% in recent 24 hours. At the time of writing, LTC/USD is changing hands at $43.53 amid low trading volumes
Littecoin is moving in sync with the rest of the market, which means that the coin is vulnerable to the dominating sentiments. The movements may be exaggerated due to low liquidity conditions.
Litecoin's technical picture
On the intraday chart, LTC/USD reached the local bottom at $39.50 and has been recovering ever since. The coin has moved above SMA50 (Simple Moving Average) 1-hour currently at $42.89 and now this line service s as an upside trendline support. The next bearish aim is registered at $43.73 (the upper line of 1-hour Bollinger Band) and $44.00 (the intraday high). Once it is out of the way, the upside is likely to gain traction with the next focus on $45.00.
On the downside, a sustainable move below the said SMA50 will push the price towards $41.70 (SMA100 1-hour) and $41.20 ( SMA200 1-hour). If the price moves below this support area, psychological $40.00 will come into focus, followed by the recent low of $39.50. If it is broken, the sell-off may start snowballing towards a psychological $30.00.
LTC/USD, the daily chart
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