Tanya Abrosimova
Independent Analyst
- The 5th largest asset is one of the best-performing coins on Monday.
- LTC/USD needs to clear $76.50 to extend the recovery.
Litecoin (LTC) touched $76.47 during early Asian hours and retraces to $74.75 by the time of writing. The fifth largest digital asset with the current market value of $4.54B has been moving in sync with the rest of the cryptocurrency market. The coin has gained 7% in recent 24 hours.
It is worth noting that LTC is mostly unchanged in recent seven days, and down 25% from the recent high of $99.47 reached on April 3.
On the intraday charts, the price has moved above the sloping trendline from the recent high. THis development improved the technical picture, though the further upside may be capped by $76.30-$76.50 (SMA100, 4-hour). Once it is cleared, the recovery may be extended towards psychological $77.00 and $77.50 (SMA200, 4-hour).
On the downside the critical barrier is created by a confluence of SMA50 (4-hour), and the sloping trendline from April 3 peak at $73.00. A sustainable move lower will bring us to $71.00 handle with a confluence of SMA50 and SMA100 (1-hour) located under this level.
Meanwhile, a sustainable move below $68.35 increase the bearish pressure with the next aim at $60.00, followed by DMA100 currently at $56.60.
LTC/USD, 4-hour chart
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