Litecoin price analysis: LTC/USD regains some ground, still below critical $80.00


  • LTC/USD recovers above $74.00 amid strong bullish pressure
  • The initial resistance is created by $77.80 handle.

At the time of writing, LTC/USD is changing hands at $74.30. The coin recovered above $74.00 during early Asian hours amid strong bullish momentum on the cryptocurrency market. The fifth-largest digital asset with the current market value of $4.7 billion has gained 2% on a day-on-day basis and over 3% since the beginning of the day.

On the intraday charts, a sustainable move above psychological $75.70 ( the confluence of upper lines of 4-hour and 1-hour Bollinger Bands) is needed to improve the short-term picture and allow for a further recovery towards the next strong resistance of $77.80 created by SMA100 (Simple Moving Average) 4-hour. Once it is out of the way, the upside is likely to gain traction with the next focus on $80.00 and $85.30 (SMA200 4-hour).

On the downside, the initial correction is limited by the confluence of the middle line of 4-hour Bollinger Band and SMA100 1-hour at $73.50. It is closely followed by $73.20 (SMA50 and the middle line of 1-hour Bollinger Band). Once below, the downside momentum is likely to gain traction with the next focus on $70.00.

LTC/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD battle between the bears and the bulls in full swing

Bitcoin price is still bearish despite attempts to push it towards $10,000. Volatility levels in the cryptocurrency market continue to mount especially for the major cryptos such as Bitcoin, Ethereum and Ripple.

More Bitcoin News

Ethereum Price Analysis: ETH/USD head-and-shoulders pattern breakout eyes $300

Ethereum price is once again trimming the accrued gains on the day after failing to break above the resistance at $235. The second-largest crypto by market capitalization has sunk to $230 support amid ...

More Ethereum News

Ripple Price Weekly Forecast: XRP/USD bleeds back to the drawing board

Ripple price alongside other cryptocurrencies has had a rough week, to say the least. I had reported that the crypto market was grinding north on Friday last week. 

More Ripple News

LTC/USD re-enters the 20-day Bollinger Band following bullish action

LTC/USD managed to chart a second consecutive bullish day and re-entered the 20-day Bollinger Band. In the early hours of Friday, LTC/USD went up from $61.75 to $62 and is hovering above the green Ichimoku cloud.  The MACD indicator shows sustained ...

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP