- 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
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
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
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.