• LTC/USD broke below the critical support $130.00 amid intense bearish pressure.
  • The recovery is capped by a confluence of technical indicators at $136.70 area.

Litecoin's recovery stalled on approach to a strong resistance has recovered from the recent lows.
The initial support is created by 135.00 handle.

Litecoin, now the 5th largest asset with the current market capitalization of $8.1 billion has lost over 4% of its value in recent 24 hours to trade at $129.23 by the time of writing. The coin topped at $146.60 on June 22 and has been moving down ever since amid technical correction in sync with the rest of the market.

Looking technically, Litecoin's move below $135.00 (psychological level strengthened by SMA100 (Simple Moving Average) on 4-hour timeframe) increased the selling pressure and pushed the price below $130.00. This development has worsened the immediate technical picture. The next support awaits LTC at $125.00 (intraday low) and $123.20 (SMA200 4-hour). A sustainable move below this level will open up the way towards the next bearish aim of $120.00 and negate the recent upside movement.

Meanwhile, on the upside, the recovery is capped by $135.20  (SMA100 4-hour). It is followed by $136.70 (SMA50 4-hour and SMA200 1-hour).  Once it is out of the way, the upside may be extended towards psychological $140.00 followed by the recent high of $146.60. 

LTC/USD, 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Polkadot: Must reclaim key level for a chance to see new all-time highs

Polkadot price is contained inside a symmetrical triangle pattern on the 4-hour chart. The digital asset faces a key resistance level which could be the key to new all-time highs. Investors are interested in Polkadot as a potential alternative to Ethereum in the long-term.

More Polkadot News

VeChain: Edges closer to a breakout

VET price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing.

More VeChain News

Ocean Protocol’s latest developments could provide OCEAN price tailwind for a 60% upswing

Ocean Protocol announces a collaboration with Benchmark protocol to expand the DeFi data economy. Now, it's price needs to reset before it goes on a 60% bull rally to new highs.

More Cryptocurrencies News

Fundamentals grow strong despite crypto market-wide correction

Kraken CEO believes Bitcoin will hit $1 million. Leading brokerage firm Charles Schwab is planning to roll out crypto trading services.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP