Litecoin price analysis: LTC/USD bulls desperate to push the price above $81.00

LTC/USD has recovered from the recent low, but the upside is limited as of yet.
A sustainable move above $81.00 is needed to create a stronger upside impulse.

Tanya Abrosimova Independent Analyst

Litecoin collapsed to $76.46 on Tuesday amid global sell-off on the cryptocurrency market. The coin lost one position in the global cryptocurrency rating, now it is the fifth largest coin with the current market capitalization of $4.9 billion and an average daily trading volume over $3 billion.

LTC/USD has lost over 13% of its value in recent 24 hours and about 1.3% since the beginning of Wednesday to trade at $78.50 by press time.

Litecoin's halving scheduled in August 2019 might inspire wild price gyrations; however, according to Binance report, the effect on the network might be mitigated by merged mining with BTC. Read more details here.

Litecoin's technical picture

Litecoin bulls managed to push the coin from the recent low; however, the upside momentum is slow, while the recovery is capped by $81.00. Once this barrier is cleared, the upside is likely to gain traction with the next focus on $84.50 with SMA50 (Simple Moving Average) on 30-min chart located on approach.

This resistance is followed by $87.00 (SMA100 30-min) and $91.00. This resistance area is created by a confluence of SMA200 30-min, SMA100 1-hour and the upper boundary of the previous consolidation channel.

On the downside, a sustainable move below $78.00 will open up the way towards the intraday low of $76.50 and $75.00. The critical barrier is created by psychological $70.00.