Litecoin price analysis: LTC/USD breaks DMA50 for the first time in 6 weeks
- Litecoin settled above $36.00 amid global crypto market recovery.
- Further upside looks likely due to technical factors.
Litecoin is changing hands at $36.44, having gained over 10% in the recent 24 hours. A strong recovery on the cryptocurrency market created favorable conditions for a strong upside movement at the beginning of the week. The digital coin now takes the 7th place with market value $2.1B and average daily trading volumes $611M.
Litecoin's technical picture
On the intraday level, LTC/USD broke above DMA50 (currently at $35.70) for the first time since November 6. This is a positive development that might create an impulse for further Litecoin growth with the next long-term aim at $40.00, followed by $45.50 (DMA100).
Both Relative Strength Index and Momentum Indicator are pointing to the upside, which supports the idea of further growth. The golden cross (SMA50 has crossed SMA200 from the bottom up) on 4-hour chart implies the same
Meanwhile, the support lies with $30.50 (SMA50, 4-hour) and psychological $30.00. This area is likely to create a good barrier that will stop the short0term bears and attract new speculative buyers. However, once it is cleared, the sell-off may be extended towards $27.50 strengthened by SMA100, 4-hour.
LTC/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
