Tanya Abrosimova
Independent Analyst
- Litecoin is moving in sync with the rest of the cryptocurrency market.
- LTC/USD may find support on approach to $44.00.
Litecoin, the 6th largest digital coin with the current market value of $2.8 billion, lost nearly 6% in the recent 24 hours amid global correction on the cryptocurrency market. LTC/USD is changing hands at $45.14, off Wednesday's high registered at $48.57. The coin has settled below SMA100 1-hour at $45.30, which now serves as an initial resistance level.
Litecoin was boosted by the news that Binance Futures added the coin to the list of instruments available for trading with x75 leverage. This development may become a catalyst for LTC trading volume growth. Currently, the coins worth about 3 billion change hands every day on average. For the sake of comparison: Bitcoin's average daily trading volume exceeds $26 billion, while Tether registers transactions worth over $30 billion.
LTC/USD: technical picture
LTC/USD is locked in a tight range limited by SMA100 1-hour on the upside ($45.30) and the lower line of 1-hour Bollinger Band ($44.50). If the support gives way, the sell-off may be extended towards psychological $44.00 and SMA200 1-hour at $43.40.
Considering that 1-hour RSI is flat and in a neutral position, no strong movements are expected within the nearest trading sessions. However, if the price manages to clear $45.30-$45.50 area, $46.00 will come into focus. SMA50 1-hour located above this handle is likely to slow down the recovery and push LTC back inside the range.
LTC/USD 1-hour chart
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