Tanya Abrosimova
Independent Analyst
- LTC/USD has recovered from Thursday's low, but the upside momentum is not strong enough to take the coin above critical resistance.
- Critical support $50.00 didn't give in, which is a positive signal.
Litecoin, the 7th largest digital asset, managed to stay above critical $50.00 handle amid global cryptocurrency sell-off. LTC/USD has gained 1.8% in recent 24 hours to trade at $53.00 by press time after touching $53.36 high during early Asian hours. Litecoin has a market value of $3.1B and an average daily trading volume $320M.
Litecoin’s technical picture
Litecoin may be one of the best-performing coins out of top-10, but the further upside is limited as long as the price stays below $54.00 with Bollinger Band Daily Lower on approach. Once this area is cleared, the recovery may be extended towards $55.70 (38.2% Fibo retracement level monthly) and $57.00 (confluence of SMA500 and SMA200, 1-hour).
RSI moved out of the oversold territory, but the upside momentum is weak, which might mean that the price recovery is about to peter out.
On the downside, the support is created by $52.50 (23.6% Fibo retracement monthly). Once it is cleared, the sell-off may continue towards $50.17 (Thursday's low), where fresh buying interest is likely to appear.
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