Tanya Abrosimova
Independent Analyst
- 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
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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.