Tanya Abrosimova
Independent Analyst
- Litecoin (LTC) is the best-performing altcoin out of top-10 on Saturday.
- LTC/USD may retest daily SMA200 if the upside momentum gains traction.
Litecoin (LTC) gained over 6% in the recent 24 hours and over 7% since the beginning of the day to trade at 47.41 by press time. The eights largest coin has become of of the best-performing altcoins out of top-10 on a day-to-day basis. Currently, the coin's total market value is registered at at $3.07 billion, while its average daily trading volume is $1.9 billion.
LTC/USD: Technical picture
Litecoin's strong recovery is mostly of a technical nature. A sustainable move above 100-day SMA at $44.00 increased the upside momentum and allowed the coin to hit $48.26, which is the highest level since June. The next critical resistance is created by 200-day SMA at $49.59. LTC has been trading below this MA since March 8, and it has been verified as strong resistance on June 2. Once it is out of the way, the upside is likely to gain traction with the next focus on $50.00 and $60.00.
On the downside, the local support is created by a 50-hour SMA on approach to $45.00. If it is broken, the sell-off may be extended to 200-hour SMA at $43.40 and to psychological $40.00.
LTC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?