Litecoin Price Analysis: LTC/USD ready to reverse below $60.00 after a strong recovery attempt

Litecoin is the seventh-largest digital asset with the current market capitalization of $4 billion. At the time of writing, LTC/USD is changing hands at $61.8, while an average daily trading volume amounts to $2.8 billion. Litecoin is down 1.5$ since the start of the day; however, it is still over 6% higher on a day-to-day basis, which makes it the best-performing altcoin out of top-10.

LTC/USD: The technical picture

LTC/USD reached the intraday high at $63.69; however, the upside momentum has faded away on approach to the local resistance that stopped the recovery attempt on August 20. The sell-off may be extended towards the local support created by 4-hour SMA100 at $60.50. Once it is out of the way, the downside is likely to gain traction with the next focus on $59.00. While the RSI has reversed from overbought territory and points downwards, this barrier is likely to slow down the bears as it is reinforced by a combination of 4-hour SMA50 and SMA200. 

LTC/USD 4-hour chart

On the upside, the local resistance comes at the above-mentioned intraday high of $63.69, closely followed by $64.00.  a sustainable move above this area is needed for the upside to gain traction with the next focus on the recent recovery high on approach to $69.00. On the longer-term timeframe, the RSI has points downwards; however, the trend stays remains bullish as long as the price stays above the daily SMA50 at $54.70. If it is broken, a psychological $50.00 will come into view. 

LTC/USD daily chart