Tanya Abrosimova
Independent Analyst
- Litecoin has recovered from the recent lows.
- The upside is limited y the immediate resistance at $140.00.
LTC/USD has recovered from Tuesday’s low of $128.94 and hit $139.76 on Wednesday. The 5th largest asset with the current market capitalization of $8.6 billion has gained over 5% of its value in recent 24 hours amid strong bullish trend triggered by fresh speculative interest. At the time of writing, LTC/USD is changing hands at $137.91.
Litecoin’s technical picture
On a daily chart, LTC/USD has been trading in a range with a bullish bias. While the recovery has been capped on approach to $140.0, the coin retains an upside potential as long as the price stays above $130.00 handle. Once it is cleared, the bearish momentum might gain traction with the next focus on $123.50 (4-hour SMA100 - Simple Moving Average and middle line of 1-day Bollinger band). It is followed by psychological $120.00 and $112.00 handle (23.6% Fibo retracement for a downside move from December 2017 high and SMA200, 4-hour).
On the upside, we will need to see a sustainable recovery above $140.00 to allow for a new bull’s leg towards the recent high at $144.16. A sustainable move above this handle will open up the way towards the next bullish aim of $150.00
LTC/USD, 1-hour chart
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