Litecoin Price Analysis: LTC/USD corrects from $56.00, retains bullish bias

LTC/USD hit the highest level since the middle of March.
The coin is positioned to resume growth after a technical correction.

Tanya Abrosimova Independent Analyst

Litecoin (LTC) is one of the best-performing digital assets out of top-10. In the recent 24 hours, the coin has gained over 9% and hit the area above $56.00 on Monday. At the time of writing, LTC/USD is changing hands at $53.43, moving within a short-term bullish trend amid low volatility. Currently, the coin's total market value is registered at at $3.36 billion, while its average daily trading volume is $3.31 billion.

LTC/USD: Technical picture

Litecoin's strong recovery is driven mostly by technical factors and general market sentiments. A sustainable move above 200-day SMA at $49.67 created a strong bullish impulse and pushed the price to the highest level since Markc 13. Once the price regains ground above $56.00, the upside momentum will gain traction with the next focus on 100-week SMA on approach to $60.00.

On the downside, the local support is created by 50-week SMA at $52.00. If it is broken, the sell-off may be extended to psychological $50.00 and the above-mentioned 200-day SMA at $49.67.