- LTC/USD stays in a tight range with the initial resistance at $47.00.
- Downward-looking RSI implies the movement to psychological $40.00.
Litecoin (LTC) recovered from the intraday low at $41.45 and settled above $46.00 by press time; LTC/USD has stayed mostly unchanged on Tuesday, and lost over 1% of its value, moving in sync with the market. Litecoin is the 7th largest digital asset with the current market value of $3.0 billion and an average daily trading volume of $2.0 billion.
LTC/USD: On-chain data
According to the statistic provided by Intotheblock, only 28% of LTC addresses are in a green zone at the current price with a small cluster of 177k addresses with 3.38 million LTC waiting for the price to move towards $47.00-$54.00, which will bring them to the break-even point. This area may serve as a resistance zone on the way to the next barrier psychological $60.00.
LTC/USD: Technical picture
On the daily charts, LTC is dormant in a tight range with bearish bias. On June 2, the coin attempted a recovery towards $50.00, however, daily SMA200 located on approach to that barrier discouraged the bulls and triggered the downside correction. LTC/USD returned to the previous range limited by 47.00 on the upside and $44.00 on the downside and has been sitting there ever since.
On the upside, a sustainable move the channel support will bring the price towards the upper line of the daily Bollinger Band at $49.00. It is closely followed by daily SMA200 at $49.50. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $50.00. A cluster of selling orders may slow down the recovery; however, if it is cleared, LTC/USD may extend the recovery towards $54.00 with the ultimate bullish aim at $60.00.
Meanwhile, the downward-looking RSI on a daily chart brings bearish short-term forecasts to the fore.
On the downside, the initial barrier is created by the above-said channel support at $44.00, reinforced by daily SMA100. It is followed by the lower line of the daily Bollinger Band at $41.40 and psychological $40.00. Once it is out of the way, the sell-off may continue towards April 16 low $38.00. This area is likely to slow down the bulls and push the coin into a range-bound trading mode.
LTC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.