Litecoin Price Analysis: LTC jumps above $43.00 as rising tide lift all boats
- LTC/USD retreats from intraday high to trade at $42.65.
- The vital support is created by a psychological $40.00.
Litecoin (LTC) hit the intraday high at $43.75 amid strong recovery across the cryptocurrency market. The coin has retreated to $42.65 by press time; however, despite the retreat, it is still 9% higher from the start of the day. Litecoin is the 7th largest digital asset with the current market value of $2.7 billion and an average daily trading volume of $4.6 billion.
LTC/USD: On-chain data
According to the statistic provided by Intotheblock, over 16% of LTC addresses are in the money at the current price with a cluster of 287k addresses waiting for the coin to move towards $53.00, which will bring them to the break-even point. This area may serve as a resistance zone on the way to the next barrier $60.00.
LTC/USD: Technical picture
On the intraday charts, LTC/USD hovering at 1-hour SMA200. A sustainable move below this barrier will allow for an extended downside correction towards the next important support $41.00. This psychological barrier is reinforced by 1-hour SMA100. Once it is out of the way, $40.00 will come into focus.
LTC/USD 1-hour chart
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On the upside, the initial resistance is created by the recent high $43.75, and the psychological $44.00. Once it is broken, the recovery may be extended towards daily SMA50 at $44.50 and the upper line of the daily Bollinger Band at $46.60. This area is likely to slow down the bulls and push the coin into a range-bound trading mode.
LTC/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
