Tanya Abrosimova
Independent Analyst
- Litecoin has been oscillating in a channel since the end of September.
- A strong resistance is created on approach to $66.50.
Litecoin has been moving inside a horizontal channel since September 24. The sixth-largest digital asset with the current market value of $3.5 billion has lost over 2% in recent 24 hours to trade at $54.59 at the time of writing. From the short-term perspective, LTC/USD is moving with bullish bias amid shrinking volatility. An average daily trading volume stays well above $2 billion.
LTC/USD, the technical picture
LTC/USD has been confined to a tight range since September 24. The upper boundary of the channel is located on the approach to $58.00 and strengthened by the middle line of four-hour Bollinger Band. We will need to see a sustainable move above this handle for the upside to gain traction with the next aim at $60.00. Once it is out of the way, $65.00 will come into focus. This resistance is created by SMA200 (Simple Moving Average) on the four-hour chart. Another barrier is created by a combination of SMA50 daily and the sloping trend line from June 23 high at $66.50.
On the downside, it is advisable to keep an eye at $53.00 followed by the lower boundary of the above-said channel at $52.80. Litecoin bears made several attempts to engineer a sustainable move below this handle; however, fresh buying interest helped to trigger a recovery. Once it is broken, the sell-off is likely to gain traction with the next focus on $50.39 (September 26 low) and psychological $50.00.
LTC/USD, four-hour chart
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.
Recommended Content
Editors’ Picks
Base attracts Lion’s share of Ethereum deposits among Layer 2 chains, beats Optimism in TVL
Base, Coinbase’s Ethereum Layer 2 chain, has noted a spike in inflows to its blockchain this week. Nearly $20 million in Ether flowed into Base since Monday, nearly two times that of Arbitrum and five times as much as Optimism, its competitors in the scaling ecosystem.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple lawsuit develops further as redacted version of SEC filing goes public. Ripple, SEC and related parties will file motions to seal material from the remedies-related filings by May 13.
FET suffers 2% decline as whales deposit Fetch.AI tokens to exchanges
Fetch.AI (FET) token will be the reserve currency of the Superintelligence Alliance (ASI), a merge of three Artificial Intelligence (AI) projects: Fetch.AI, Ocean protocol and SingularityNET.
Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC
Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF. SEC Chair Gensler says several crypto assets are securities as he waives off ETH classification question.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.