Litecoin Price Analysis: LTC/USD resumes the recovery, bulls target at $70.00

Litecoin has been growing steadily since the weekend.
The next strong bullish target is created by psychological barrier of $70.00.

Tanya Abrosimova Independent Analyst

Litecoin (LTC) has gained over 5% in the recent 24 hours to trade at $62.47 by press time. The 7th largest digital asset with the current market capitalization of $4.00 billion has been one of the best-performing coins out of top-10 on Monday as the upside momentum has been gaining traction since the weekend. The coin dipped to the psychological $60.00 during early Asian hours before the recovery resumed.

LTC/USD: The technical picture

Litecoin (LTC) bottomed at $57.76 on August 22 and has been growing strongly ever since. The coin has settled in the upper part of the daily Bollinger Band and its middle line at $59.70 now serves as local support. Once it is broken, the sell-off may be extended towards the recent low of $57.76; however, the critical technical barrier is created by the daily SMA50 on approach to $52.70.

On the upside, the local resistance is created by $64.00. The price stopped short of this barrier during the previous week's recovery attempt. The sell-off from this resistance resulted in a massive long squeeze and pushed the price to the above-mentioned low. Once it is broken, the recovery may be extended towards $68.79, which is the highest level since August 18. The next resistance is created by a psychological $70.00.