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.

Tanya Abrosimova Independent Analyst

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

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.