• LTC/USD has lost 2.5% on a day-on-day basis amid global sell-off
  • At the time of writing, the coin is range-bound with a bearish bias.

Litecoin has been range-bound with bearish bias after a strong sell-off on September 24. The sixth-largest digital coin with the current market value of $3.3 billion is changing hands at $53.13, down 2.5% in recent 24 hours. Litecoin bottomed out at $50.39 on September 26, however, the upside momentum remains weak. 

Litecoin’s technical picture

From the long-term perspective, LTC/USD needs to recover at least above $60.00 for the recovery to gain traction. This barrier is followed by the middle line of a Bollinger Band on a daily chart at $66.50 and SMA50 (Simple Moving Average) daily on approach to psychological $70.00. However, the critical resistance is created at $172.70 by the long-term sloping trend line from June 22 high at $141.80 (closing level). We will need to see a sustainable move above this handle before we can claim that Litecoin’s technical picture has improved.

On the downside, the local support is located at $53.00, followed by the psychological $50.00  strengthened by the recent low. Once it is out of the way, the downside is likely to gain traction with the next focus on $49.20 (the lower line of a Bollinger Band on a daily chart).

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ethereum price breaks $600 in anticipation of ETH 2.0’s launch in December

Ethereum is currently trading at $601 after finally breaking the psychological barrier at $600 for the first time in two years. At the time of writing, around 305,920 ETH has been staked in the Eth2 deposit contract, representing 58% of what's needed for the contract to launch. 

More Ethereum News

Overhyped Linkswap launch sends YFI and LINK soaring

Linkswap, a platform for automated market-making, has not been even launched, but its proprietary token YF Link (YFL) jumped by over 30% in the past 24 hours. At the time of writing, YFL is changing hands at $1,030.

More Chainlink News

OKEX withdrawals to trigger a massive volatility spike on the cryptocurrency market

OKEx, one of the world's largest cryptocurrency exchanges, is ready to unlock a cryptocurrency withdrawal functionality on November 27. The trading platform users had to wait over a month until the company settled its legal issues and the Chinese police released one of its co-founders and a private key holder. 

More Cryptocurrencies News

Bitcoin final leg to $20,000 lingers, as crypto bull cycle rockets

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.

More Bitcoin 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