- LTC/USD has recovered from the intraday low.
- The initial resistance on the approach to psychological $45.00.
Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.8 billion, has hit the bottom at $43.90 during early Asian hours and recovered to $44.45 by press time. The coin has lost 2.7% on a day-to-day basis and 1% since the beginning of Wednesday. While the coin managed to recover from the intraday low, the upside momentum has yet to gain traction.
Litecoin's technical picture
From the intraday perspective, we will need to see a sustainable recovery above psychological $45.00 reinforced by the middle line of 1-hour Bollinger Band and SMA50 (Simple Moving Average) 1-hour on approach to $45.50. Once this resistance area is cleared, the recovery may gain traction with the next focus on a $46.40 area. This resistance is created by a confluence of SMA100 1-hour and the upper line of 1-hour Bollinger Band.
On the downside, a sharp decline towards the intraday low of $43.90 will bring November 25 low of $42.35 back into focus and signal that the recovery is over. This area is likely to attract new speculative buyers; however, once it is cleared, a psychological $40.00 will come into focus.
LTC/USD, 1-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.