Litecoin (LTC) price analysis: LTC/USD hovers above $33.00, more upside is possible
- The 7th largest coin is the growth leader of the day.
- LTC/USD needs to clear $33.40 to extend the recovery.
Litecoin is on recovery mode knocking on $33.00 resistance, LTC/USD hit $33.41 high late Thursday hours, though retraced to $33.10 by the time of writing.
The coin surpassed Stellar by market value. Now it takes the 7th place in the global cryptocurrency rating compiled by CoinMarketCap with a capitalization of $1.9B. Litecon gained nearly 4.5% on a day-over-day basis and became the best-performing cryptocurrency out of top-10.
Litecoin’s technical picture
From the intraday point of view, while LTC/USD stays above $31.63 handle created by SMA50 (4-hour), bulls have a chance to extend the recovery with the next aim at $33.41 (the highest level of the previous day strengthened by DMA20).
Once this resistance is cleared, LTC/USD may target at $35.50. This barrier is formed by 38.2% Fibo retracement level for the downside movement from November 6 high at $56.17.
The short-term technical picture remains positive as long as LTC/USD stays above psychological $32.00. Should it be broken, the sell-off may be extended towards the above-mentioned SMA50 (4-hour) at $31.63
The next strong support lies with $31.00-$30.80 area, which includes DMA50 and 23.6% Fibo retracement level.
This area serves as a sound barrier for the bears; however, once broken, it will trigger a massive sell-off towards the next bearish aim at $27.80 (December 27 low).
Author
Tanya Abrosimova
Independent Analyst
