Litecoin (LTC) Price Analysis: LTC/USD attempts a recovery towards $45.00

• 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