Litecoin (LTC) price analysis: LTC/USD grows claustrophobic in a tight range
- Litecoin's movement's are limited by a tight range.
- The strong support is created by a psychological $60.00.
Litecoin has been sitting in a narrow range since the end of September. At the time of writing, LTC/USD is changing hands at $54.85, the coin has gained about 1.5% on a day-to-day basis and stayed unchanged since the beginning of Monday.
The 6th largest digital asset with the current market value of $3.4 billion bottomed at $50.39 on September 26 and has been moving sideways ever since. Litecoin’s daily trading volume has settled at $2.5 billion.
LTC/USD, the technical picture
Looking technically, LTC/USD created a top at $60.12 on October 9 only to retreat back inside the range limited by $58.00 on the upside and $53.00 on the downside.
On the intraday level, the initial resistance is created by psychological $55.00 followed by $55.76. This barrier is created by SMA100 (Simple Moving Average) on a four-hour chart coupled with the sloping trendline from June 23 high at $146.20. Once it is out of the way, the upside is likely to gain traction with the next focus on $60.00.
On the downside, the strong support created by $53.00 may slow down the sellers. However, once it is broken, $50.39 (September 26 low) will come into focus. The next support is created by psychological $50.00. A sustainable move lower will take the price towards the March 2019 consolidation zone of $44.00-$45.00.
LTC/USD, a four-hour chart chart
Author
Tanya Abrosimova
Independent Analyst
