Litecoin price analysis: LTC/USD eyes $81.00 resistance, but the upside is limited

Litecoin is changing hands at $81.97. The coin is mostly unchanged since the start of the day and down 2.7% on a daily basis. Litecoin's is the sixth largest coin with the market capitalization of $4.7B and with average trading volume at $244M. 

Litecoin price is moving in sync with Bitcoin and other digital assets as there are no Litecoin-specific factors that might have influenced the price of the coin. Meanwhile, Carlie Lee, the creator of the coin, explained, what's in a name.

"I wanted a name that represented a quicker and easier to use Bitcoin. Thought of Litecoin and Lightcoin. Didn't like light as much because it could also mean light in light bulb. And lite is kind of like elite. Com/org/net domains were all available. The rest is history," he wrote in his Twitter account.

Litecoin technical picture

Litecoin is trading below all intraday moving averages (1-hour chart), which darkens the technical picture. The price needs to break above $82.00 to get a chance for a more extended recovery with the first local aim at $82.67 (50-SMA, 1-hour chart). On the downside, a sustainable movement below $81 .00 will pave the way towards $80.00 and to $73.30 (the lowest level since June 29).

LTC/USD, the hourly chart