Litecoin price analysis: LTC/USD retreats below $67.00, vulnerable for further losses
- LTC/USD needs to recover above $67.30 to mitigate immediate pressure.
- The vital support is created by $65.00 handle.
Litecoin has been sidelined with bearish bias during early Asian hours. At the time of writing, LTC/USD is changing hands at $66.96, having lost 1.2% in recent 24 hours. The coin retreated below $67.00, which bodes ill for Litecoin’s bulls; however, the short-term trend remains bullish as long as it stays above $65.00 Litecoin’s market value is registered at $4.2 billion. This is the fifth-largest coin according to CoinMarketCap.
Litecoin’s technical picture
The initial support awaits LTC at $66.50. It is created by a combination of SMA200 (Simple Moving Average) 1-hour and the lower line of 4-hour Bollinger Band 1-hour. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $65.20 (the lower line of 4-hour Bollinger Band) and psychological $65.00. A sustainable move below this area will allow for an extended downside move towards $63.o00 and the recent low of $62.16.
On the upside, we will need to see a recovery above $67.30 (the middle line of 1-hour Bollinger Band). This development will mitigate an initial downside pressure and create a precondition for a further recovery towards psychological barrier $68.00 strengthened by SMA50 and the upper line of 1-hour Bollinger Band.
LTC/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
