Litecoin price analysis: LTC/USD recovery capped by $120.00
- LTC/USD has recovered from the recent lows, but the upside is limited.
- A sustainable move above $123.50 is needed to mitigate the bearish pressure.
Litecoin remains range-bound with a bullish bias. The fourth largest digital asset with the current market capitalization of $7.5 billion recovered from June 2 low of $112.22; however, the upside momentum is not strong enough to take it above $120.00 handle. At the time of writing, LTC/USD is changing hands at $119.50, down 1% on a day-on-day basis and nearly 2% since the beginning of Thursday trading.
Looking technically, Litecoin bulls are still in a desperate state as they keep trying to push the price above $120.00 with no success so far. A sustainable above this barrier is needed to mitigate the immediate bearish pressure and open up the way towards the next bullish aim of $123.50 strengthened by SMA50 (Simple Moving Average) on 4-hour chart and SMA200 on 1-hour chart. Once it is out of the way, the recovery may be extended towards $125.40 (SMA200, 4-hour) and psychological $130.00 with SMA100 4-hour located on approach.
On the downside, the initial support is created by $113.60 (the short-term upside trendline), followed by $112.25 (the recent low). A sustainable move below this handle will open up the way towards the next bearish aim of $110.00 and a critical $100.00.
LTC/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
