- LTC/USD has been selling-off on Wednesday in sync with the market.
- The critical support is created on approach to $43.00.
Litecoin (LTC) dropped from the intraday high of $44.60 and tested $43.16 amid sharp sell-off across the board. At the time of writing, LTC/USD is changing hands at $43.39, down nearly 2% since the start of the day. Litecoin is the seventh largest digital asset with the current market value of $2.8 billion and an average daily trading volume of $1.39 billion.
LTC/USD: Technical picture
On the intraday charts, LTC/USD is trading below the lower boundary of the Bollinger Band as the bearish has subsided. The RSI on 1-hour chart starts reversing to the upside from the oversold territory, which means the coin may proceed with the correction. However, the initial resistance is created by a combination of 1-hour SMA100 and SMA200 at $43.70. Once it is cleared, SMA50 at $44.00 will come into focus. This area served as a strong support and now has a potential to slow down the recovery. If it is broken, LTC/USD will get a chance to retest $45.00. On the downside, a sustainable move below $43.00 will worsen the technical picture and bring June 20 low of $42.20 into focus.
LTC/USD 1-hour chart
On the daily chart, LTC/USD is moving between SMA100 located on approach to the above-mentioned support of $43.30 and the daily SMA50 at $44.60. On the downside, the next support lines come at $41.50 and psychological $40.00. The later barrier is reinforced by May 11 low at $39.50.
On the upside, the above-mentioned SMA50 is reinforced by the middle line of the Bollinger Band. A sustainable move above this area will open up the way to $50.00 with daily SMA200 located on approach. This MA stopped the recovery earlier this month.
LTC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?