Litecoin (LTC) price analysis: LTC/USD stays above $75.00 as upside momentum fades away

Litecoin (LTC) is changing hands at $75.24, off the intraday high of $76.27. The fifth largest digital asset with the current market value of $4.6 billion has gained over 1.5% in recent 24 hours moving in sync with the rest of the market. 

LTC/USD has been rangebound this week as the recovery from May 6 lows is limited by psychological $80.00 with 50% Fibo retracement located on approach. Once the barrier is taken out, the upside momentum is likely to gain traction with the next focus on $83.26 (May 4 high) and $84.34 (38.2% Fibo retracement). 

On the downside, the initial support lies with $74.25 handle, strengthened by SMA100 (4-hour). It is followed by May 6 low at $72.28 and psychological $70.00 

Litecoin Core update 

The developers of the fifth largest digital asset released an update for the cryptocurrency wallet Litecoin Core v0.17.1. The release includes minor interface changes, extended privacy functionality and reduced transaction fees (0,0001 LTC). Thus, at the current exchange rate, users will pay on average $0.15 to have their transactions written in a block. However, in the periods of low demand the fee may be less than $0.01. The developers believe that new functionality will appeal to those who wants to launch their own Lightning Network. 

LTC/USD, 4-hour chart