Litecoin price analysis: LTC/USD hibernates in a tight range under $120.00
- LTC/USD recovery is limited by $121.00-$121.50 area.
- The strong support is created by trendline at $113.50.
Litecoin has been sitting in a narrow range since July 5, ever since it broke below $120.00 handle. The fourth largest digital asset with the current market capitalization of $7.4 billion is mostly unchanged both on a day-on-day basis and since the beginning of the day.
Looking technically, $120.00 remains the first barrier to be taken out. However, even stronger resistance awaits LTC bulls in the area $121.00-$121.50 as it is strengthened by a confluence of SMA50 (Simple Moving Average) on 4-hour chart and SMA200 on 1-hour chart. Moreover, this area has been limiting LTC recovery since June 5.
A sustainable move above this barrier will open up the way towards the next bullish aim of $126.00 (SMA200 4-hour) followed by $126.50 (SMA100, 4-hour). The ultimate short-term barrier awaits at psychological $130.00.
On the downside, the initial support is created by $117.00. This area has served as a stop line for the short-term sellers recently. Once it is cleared, the downside is likely to gain traction with the next focus on $113.50(the short-term upside trendline). Then the recent low of $112.25 will come back into focus
LTC/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
