- 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
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.