Litecoin price analysis: LTC/USD controlled by bears, $62.00 within reach

At the time of writing, LTC/USD is changing hands at $62.83. The coin has been sliding down after a strong collapse below critical $70.00 on August 28.  While the sell-off has slowed down, LTC/USD continues moving within a clear bearish trend.  LTC/USD has lost 1.5% of its value since the beginning of the day and over 5% on a day-on-day basis.

Litecoin is now the sixth-largest digital asset with the current market value of $3.9 billion and an average daily trading volume of $3 billion. The coin yielded the fifth place in the global cryptocurrency rating to Tether. 

Litecoin’s technical picture

The initial support is created by psychological $62.00. It is strengthened by the recent low of $62.16 and the lower line of 1-day Bollinger Band. This area may slow down the bears; however, once it is cleared, the downside momentum is likely to gain traction with the next focus $60.00 and $52.30 (the lower line of 1-week Bollinger Band). 

On the upside, we will need to see a sustainable move above $0.65 handle to mitigate the initial bearish pressure and allow for an extended recovery. The next resistance awaits us on approach to $65.70 (the upper line of 1-hour Bollinger Band) and $67.00 ( SMA50 (Simple Moving Average) on 1-hour chart). 

LTC/USD, 1-hour chart