Litecoin price analysis: LTC/USD corrects from early highs, but bulls have nothing to worry about just yet

LTC/USD gained 7% on a daily basis, but failed at a strong resistance.
POS terminals producer 34 Bytes now supports Litecoin.

Tanya Abrosimova Independent Analyst

Litecoin is changing hands at $82.90, off the early Asian high at $84.46. The coin gained over 7% on a daily basis, but bumped into a strong technical level, which triggered a correction. The market value of the sixth largest coin settled at $4.8B, the average daily trading value is registered at $314M.

Litecoin's acceptance is growing steadily. US-based app for cryptocurrency trading Robinhood and crypto POS terminals manufacturer 34 Bytes added support for the coin recently. Considering that over 1,500 merchants all over the world use 34 Bytes terminals, Litecoin made another step towards mass adoption

Litecoin's technical picture

From the technical point of view, LTC/USD broke above psychological $80.00, but failed to clear $84.9, which is 200-SMA on a 4-hour chart. While the short-term trend remains mildly bullish, the coin is set for a correction after a strong rally on Monday. The nearest support comes at $80.78 (100-SMA 4-hour chart), followed by $78.28 (50-SMA). As long as the price stays above this level. there is a chance for a new recovery wave.

LTC/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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