Litecoin (LTC) price analysis: LTC/USD breaks above $78.00, gains 3% in a matter of minutes
- The 5th largest asset jumps above local resistance during Asian hours.
- The further recovery is limited.
Litecoin (LTC) has experienced a strong growth in recent hours. LTC/USD jumped from 72.77 to as high as $78.23. While the coin retraced to $77.09 byy the time of writing, it is still nearly 4% higher from the beginning of the Asian session. Also, the fifth largest digital asset with the current market value of $4.7 billion has gained over 12.5% in recent 24 hours.
Despite the recent recovery, the upside is still capped by psychological $80.00 with 50% Fibo retracement located on approach. Moreover, this barrier is preceded by SMA200 (4-hour) at $78.00. This resistance stopped the upside this morning. Once $80.00 barrier is taken out, $83.26 (May 4 high) and $84.34 (38.2% Fibo retracement) will come into focus.
On the downside, the initial support lies with $75.00 (61.8% Fibo retracement) and $74.00 handle, strengthened by SMA100 (4-hour). It is followed by May 6 low at $72.28 and psychological $70.00
Author
Tanya Abrosimova
Independent Analyst
