Litecoin price analysis: LTC/USD has a hard time at $24.00

Litecoin, now the 9th largest coins with the current market value of $1.46B recovered above $24.00 from $22.96 ow reached on Tuesday. The coin is mostly unchanged since the beginning of the day amid rangebound trading typical to the digital assets market on Wednesday.

Litecoin's technical picture

On the intraday level, LTC/USD is trying to settle above pivotal $24.00; however, this resistance level is strengthened by a confluence of strong technical indicators, including the upper of the Bollinger Band (1-hour) and SMA50. The next resistance is created by SMA100 (1-hour) at $24.58. Once this level is cleared, the upside may be extended towards $26.00 and $26.64 (SMA200, 1-hour). Considering that the Relative Strength Index is reversing to the downside, sustainable growth is hardly possible at least in the short-term.

On the downside, LTC/USD is supported by the middle border of the Bollinger Band (1-hour) at $23.52. A strong move below that level will increase the selling pressure and take Litecoin's price to $23.00 strengthened by the lower line of the Bollinger Band. Once below, the recent low of $22.37 will come into focus.

LTC/USD, 1-hour