Tanya Abrosimova
Independent Analyst
- LTC/USD needs to recover above $72.00 to get back on the recovery track.
- The strong short-term support is created on approach to $70.50.
Litecoin is range-bound with a bearish bias on Wednesday. The fifth-largest digital asset with the current market value of $4.5 has stayed unchanged both in recent 24 hours and since the beginning of the day. At the time of writing, LTC/USD is changing hands at $71.11, off the intraday low registered at $69.97.
Litecoin’s technical picture
The initial support awaits LTC at $70.40. It is created by the middle line of 1-hour Bollinger Band and closely followed by psychological barrier $70.00. A sustainable move below this handle will increase the downside pressure towards the strong support area of $68.50 created by a confluence of SMA100 (Simple Moving Average) one-hour and the lower line of one-hour Bollinger Band. The next support awaits at 68.00 (SMA50 four-hour)
On the upside, we will need to see a recovery above $72.00 to get Litecoin back on the recovery track. However, this area is strengthened by the upper line of four-hour Bollinger Band and followed by Tuesday’s high of $73.23 with SMA100 four-hour located on approach. Even stronger resistance is seen on approach to $73.00 (the upper line of four-hour Bollinger Band) and $73.80 (SMA200 four-hour).
LTC/USD, four-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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
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.