Tanya Abrosimova
Independent Analyst
- Litecoin's movements are limited by SMA50 on a daily chart
- Litecoin Summit may give the coin additional boost
Litecoin Summit 2019 kicks off today in Las Vegas. The event will feature many prominent figures both from the cryptocurrency world and mainstream finance and politics, including Litecoin's founder Charlie Lee, Morgan Geek Digital co-founder Antony Pompliano, eToro senior market analyst Matt Greenspan and Former Texas Congressman & Presidential Candidate Ron Paul.
The event might give Litecoin an additional boost, by taking it into the limelight.
At the time of writing, LTC/USD is changing hands at $59.50, having gained nearly 5% in recent 24 hours. Litecoin now takes the 6th place in the global cryptocurrency rating with the current market value of $3.7 billion.
LTC/USD, the technical picture
Looking technically, LTC/USD recovery is capped by SMA50 (Simple Moving Average) and the upper line of a Bollinger Band on a daily chart at $60.50. The coin has been trying to break it three days in a row with no luck. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent top of $64.10, followed by a psychological $65.00.
On the downside, the strong support created by $57.80 (the lower boundary of the recent consolidation channel). It is followed by $55.60 (the middle line of the Bollinger Band on a daily chart) that has potential may slow down the sellers and trigger another recovery wave. A sustainable move below this handle will open up the way towards $52.80 back in focus. This is a lower boundary of thee above-mentioned a consolidation range.
LTC/USD, a daily chart
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