Litecoin (LTC) price analysis: LTC/USD slides back inside an old range
- Litecoin has been retreating from the recent highs above $60.00.
- Strong support is created on approach to $52.80.
Litecoin is changing hands at $56.63, down 2% since the beginning of the day and 1.5% on a day-on-day basis. The 6th largest digital asset with the current market value of $3.3 billion peaked at $60.12 on October 9 and has been moving down ever since. The coin is vulnerable to further losses considering the growing bearish sentiments on the cryptocurrency markets. Litecoin’s daily trading volume reduced to $2.4 billion from $2.7 billion on Thursday.
LTC/USD, the technical picture
Looking technically, LTC/USD returned to the recent range below $58.00 handle. This barrier now serves as an initial resistance strengthened by the middle line of one-day Bollinger Band (currently at $57.70). Ir the price damages to regain the ground and move above this area, the upside momentum might increase with the next bull’s target at psychological $60.00 Once it is out of the way, $62.60 will come into focus. This resistance is created by the long-tern sloping trendline from June 23 high at $66.50. The next resistance comes at $65.20 (SMA50 (Simple Moving Average) on a daily chart and $66.00 (the upper line of one-day Bollinger Band).
On the downside, the initial support is located at the lower boundary of the above-said channel at $52.80. It is followed by $50.39 (September 26 low) and psychological $50.00. A sustainable move below this area will open up the way towards $49.30 ( the lower line of the Bollinger Band on a daily chart).
LTC/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
