Litecoin price analysis: LTC/USD beats the market with 16% gains
- LTC/USD has recovered from the recent low, $100 is within reach.
- The initial support is created by $90.00 handle.
Litecoin is one of the best-performing cryptocurrencies out of top-20 on Thursday. The fourth-largest digital asset with the current market capitalization of $5.8 billion has gained nearly 17% in recent 24 hours to trade at $93.44 by the time of writing.
LTC/USD bottomed out at $76.82 on Tuesday and has been growing strongly since that time.
Litecoin is moving towards halving, which may create a strong bullish impulse.
Litecoin's technical picture
Litecoin bulls managed to push the coin above $90.00. This development has improved the short-term technical picture and brought $100.00 handle back into focus.
Meanwhile, the initial resistance is created by SMA50 (Simple Moving Average) 1-hour and SMA50 4-hour at $97.00. Once it is cleared, the upside is likely to gain traction with the next focus on the above-said critical $100.00.
This barrier is coupled with 38.8% Fibo retracements for the upside move from the low of $22.37 may slow down the recovery; however, a sustainable move above this handle will open up the way towards the next bullish aim of $101.50 (SMA100, daily chart).
On the downside, a move below $90,00 may trigger an extended sell-off towards the intraday low of $87.12 with the next barrier at $76.46. The ultimate support awaits us at $74.50 with SMA200 daily located on approach.
LTC/USD, 1-day chart
Author
Tanya Abrosimova
Independent Analyst
