• 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


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price. 

More Cryptocurrencies News

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.

More Shiba Inu News

Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium

Dogwifhat crashes 60%, but here's why you should not buy WIF yet

Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective. 

More Dogwifhat News

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court. 

More Ripple News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP