Litecoin (LTC) Price Analysis: LTC/USD bears stop short of SMA50 1-hour

LTC/USD has retreated from the intraday during European hours.
The initial support is located on the approach to SMA50 1-hour.

Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $3.0 billion, has retreated from Wednesday's high of $48.80 to trade marginally above $47.00 handle. The coin had gained 4.5% on a day-to-day basis and lost 1.2% since the beginning of Thursday. While the coin managed to recover from the intraday low of $47.00, the upside momentum has yet to gain traction.

Litecoin's technical picture

From the intraday perspective, the nearest support awaits LTC on approach to $47.00. It is created by the intraday low and SMA50 (Simple Moving Average) 1-hour. If the bears manage to push the price below this level, the downside momentum may gain traction; however, we will still need to clear $46.36 (iSMA100 1-hour) and $44. 70 (Wednesday's low) on the way down. The next barrier comes at $42.35 ( November 25 low) and $41.70 (the lower line of 1-day Bollinger Band)

On the upside, a sustainable move above $48.50 is needed to improve the short-term technical picture. This resistance is created by a confluence of SMA200 1-hour and the upper line of 1-hour Bollinger Band. This movement will take the price outside the resent range and bring the psychological $50.00 into focus.

LTC/USD, 1-hour chart

Share: Cryptos feed

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.