Litecoin price analysis: LTC/USD bulls stop short of $100.00 ahead of halving event
- LTC/USD has regained ground, managed to come close to $100.00 handle amid upcoming halving.
- A sustainable move above $100.00 is needed for an extended recovery.
Litecoin (LTC) is one of the best-performing coins out of top-20 digital assets. The fourth-largest digital currency with the current market value of $6.00 billion has gained nearly 6% of its value on a day-on-day basis amid strong bullish momentum during the late Wednesday session. However, a strong resistance created on approach to $100.00 cooled down the bulls and caused a retreat towards $96.60 by the time of writing.
Read also: Litecoin consolidating ahead August 5 halving event
Litecoin's technical picture
On the intraday charts, LTC/USD is initially supported by $92.80-$92.00 area. This support zone is created by a combination of technical indicators including SMA50 (Simple Moving Average), SMA100 and the middle line of the Bollinger Band on 4-hour timeframe. Once it is cleared, the downside is likely to gain traction with the next focus on psychological $90.00. That's where new buyers are expected to join the gain and stop the sell-off.
On the upside, we will need to see a sustainable move above psychological $100.00 with the next focus on $103.75 (SMA200 4-hour). This barrier is closely followed by a stronger wall $104.00 created by SMA100 daily and the upper line of 1-day Bollinger Band. A sustainable move higher will bring $110.00 and $113.25 (SMA50 daily) in focus.
LTC/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
