Tanya Abrosimova
Independent Analyst
- Broader market sentiments dictate Litecoin's movements.
- LTC/USD needs to recover above $30.00 for a more extended upside.
Litecoin sits at the 9th place with the current market value of $1.5B and the average daily trading volume $460M. LTC/USD is changing hands at $24.92, after trading as low as $22.37 on Friday. The coin is mostly unchanged on a day-to-day basis, moving in sync with global cryptocurrencies.
Litecoin's technical picture
On the intraday level, LTC/USD is supported by the lower border of the Bollinger Band (1-hour) at $24.67. A sustainable movement below that level is likely to increase the short-term downside pressure and take LTC towards the recent low of $22.37. On the upside, a recovery above $25.00 will improve the short-term technical picture; however, the resistance created by SMA100 (1-hour) and the mid-line of Bollinger band at $25.70 is likely to limit the upward movement for the time being.
LTC/USD, 1-hour
From the longer-term point of view, the first significant resistance comes at $30.00 ( mid-line of daily Bollinger band). A move higher will open up the way towards the congestion zone $36.00 that limited the recovery at the end of November and at the beginning of December. It is strengthened by the upper border of the daily Bollinger Band and separates the coin from the psychological $40.00.
LTC/USD, the daily chart
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