• LTC/USD has been range-bound after an initial recovery attempt from the recent low.
  • At the time of writing, the coin is moving within the short-term upside channel.

Litecoin is changing hands at $56.35. The coin is range-bound on Thursday amid market indecision. Cryptocurrency traders try to come to grips with the recent sell-off and figure out what to do next. LTC shifted to sixth place in the global cryptocurrency rating. The market capitalization of the coin settled at $3.6 billion. 

Litecoin’s technical picture

Looking technically, LTC/USD needs to recover at least above $60.00 to mitigate the initial bearish pressure and allow for an extended recovery towards $62.00 strengthened by the middle line of four-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction towards even stronger hurdle created by a confluence of technical indicators clustered around psychological $70.00. The above-said indicators include SMA200 (Simple Moving Average) one-hour, SMA50 and SMA200 one four-hour chart

On the downside, the local support is located at $56.00 (the lower line of one-hour Bollinger Band) A sustainable move lower will attract new sellers and push the price towards September 25 low at $53.06. This barrier is likely to slow down the bears and initiate a rebound.

LTC/USD, one-hour 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Three reasons why the cryptocurrency market could be about to suffer one of the nastiest corrections in years

The cryptocurrency market seems to be stronger than ever and has seen a $250 billion increase in its market capitalization since the beginning of October. 

More Cryptocurrencies News

Yearn.Finance Price Forecast: YFI’s next buying opportunity may come at $18,000

YFI had an astounding 290% bull rally that started on November 5 and peaked on November 20 at $29,890. The digital asset seems to be under consolidation, and many indicators are turning bearish in the past ...

More Yearn.finance News

XTZ attempts to breakout but technicals point to a retracement first

Tezos is up by 45% in the past week as it was one of the few cryptos left to go up. Bulls face a critical resistance level at $3, and some technical indicators suggest that investors should sell in ...

More Tezos News

Traders are buying XRP like crazy ahead of Flare Network’s airdrop

Ripple's XRP is changing hands at $0.64, having gained over 6% on a day-to-day basis and over 110% on a weekly basis. The coin hit the multi-year high at $0.7824 on November 24 but failed to hold the ground ...

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast

BTC

ETH

XRP