Litecoin (LTC) locked in a range amid low market activity
- LTC/USD recovery is limited by SMA50 on a daily chart.
- The bullish trend stays intact as long as the price is above $60.00.
Litecoin (LTC), the sixth-largest digital asset, has been moving sideways recently. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. At the time of writing, LTC/USD is changing hands at $61.63.
Litecoin's technical picture
From the longer-term, perspective a strong resistance is created by a combination of SMA50 (Simple Moving Average) daily and the upper line of the daily Bollinger Band at $65.75. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $70.00 followed by September 18 high at $80.30. The sell-off is likely to be limited by $58.00 strengthened by the upper boundary of the previous consolidation channel. SMA50 daily at $57.16 will serve as an additional buffer on approach to critical $55.00.
LTC/USD, a daily chart
On the intraday level, LTC/USD is testing the lower line of 1-hour Bollinger Band. A sustainable move above this handle will increase the bearish pressure and push the price towards psychological $61.00 followed by Monday's low at $60.43. The resistance awaits the coin on approach to $62.00 with SMA100 1-hour at $61.80.
LTC/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
